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Internet-related business investor Softbank Corp. said Friday it incurred a group net loss of 34.73 billion yen in the first quarter of fiscal 2003.

It partially blamed the result on a valuation loss of 2.34 billion yen sustained on overseas securities investments.

Softbank also chalked up group operating revenue of 103.88 billion yen in the reporting quarter, thanks to the growth of its e-commerce, broadband infrastructure and Internet culture businesses.

With the Tokyo-based company yet to announce its earnings projections for the full fiscal year, its ratio of first-quarter revenue to estimated full-year revenue was unavailable.

In addition, year-on-year comparisons for the April-June period were unavailable as Softbank did not release results for the corresponding period of fiscal 2002.

Softbank posted a consolidated pretax loss of 30.63 billion yen in the first quarter of the current fiscal year, due in part to higher interest payments resulting from an increase in long-term loans.

In fiscal 2002, the company registered a consolidated net loss of 99.99 billion yen and a consolidated pretax loss of 109.81 billion yen, on group revenue of 406.89 billion yen.