Rakuten Group has reported a record group net loss of ¥372.8 billion in 2022, far bigger than the year-before loss of ¥133.8 billion.
The cybermall and mobile phone group incurred a net loss for the fourth straight year due chiefly to massive costs to build mobile phone base stations.
The company logged a loss of ¥492.8 billion on its mobile phone business, against the year-before loss of ¥421.1 billion.
The number of subscribers to its mobile phone service at the end of 2022 fell to 5.06 million from 5.37 million a year before, after Rakuten abolished its zero-yen plan for those who use a low amount of data.
"This is going to be a crucial year," President Hiroshi Mikitani told an online news conference Tuesday.
He said his company aims to bring the mobile phone business back to profitability on a monthly basis by the end of 2023 chiefly by reducing costs of roaming, or borrowing communications networks from other carriers, and television commercial expenses.
Meanwhile, Rakuten Group's overall sales grew 14.6% to a record ¥1,927,878 million, led by the strong performances of its domestic e-commerce business and financial service operations.