Internet mall operator Rakuten Inc. said Friday it incurred a group net loss of ¥54.98 billion for the business year through December, falling into the red for the first time in four years.

The loss in business 2008, mainly attributed to appraisal losses from its stake in Tokyo Broadcasting System Inc., compared with a net profit of ¥36.90 billion logged the previous year.

But group sales increased 16.8 percent to ¥249.88 billion thanks to the robust performance of its mainstay online shopping mall business and online travel services.

Operating profit also surged to ¥47.15 billion from ¥118 million in business 2007 due to declining costs at its consumer credit unit.