Japan-based Softbank Corp today announced widening losses for the 2003 year ending March. Declared a net loss of 107.09 billion yen ($94.2m, 79.8m), up from a 99.99 billion yen loss in the previous year, they blame what they called “substantial expenses” to lure customers to its broadband Internet service. Sales rose 27.2% over the period.
Unusually Softbank decided not to announce their financial predictions for the current year. Their stock fell around 10% against the Nikkei Average fall of 4.8%.
The broadband services, Yahoo BB, is a joint venture with Yahoo and has been held up as an example of what broadband could be given their provision of 45mbps coverage to some of their consumers. By March they had over 4 million customers and they are targetting 6m by September 2005.