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Softbank loses billions

Big spender spends no more...

By Joey Gardiner

Published: 20 November 2001 12:30 GMT

Japanese dot-com sponsor Softbank has made a huge loss - the biggest in its history - after writing off the bulk of its investments.

Softbank announced six-month figures showing a Y54.3bn loss (£312m), two-thirds of which were made up of lost investments.

Softbank was the epitome of the dot-com bubble in Japan, throwing cash into hundreds of bright start-ups, only to see its money disappear as the bubble burst.

The beleaguered company is also closing eight out of eleven global offices and laying-off most of its overseas workforce.

The company - now a broadband ISP - reported revenues of Y183.4bn (£1.05bn), up 1.7 per cent.

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