TOKYO, Feb 14 Reuters Japan39;s Rakuten Group reported on Wednesday a smaller fourthquarter loss, helped by a stronger performance by its ecommerce and fintech businesses but the result fell short of expectations.

The operating loss of 33.3 billion yen 221 million was an improvement on a 54 billion yen loss in the third quarter and less than half of the loss logged in the same period a year earlier.

But it still marked Rakuten39;s 14th consecutive quarter in the red and was bigger than an average estimate of a 28 billion yen loss drawn from nine analysts in an LSEG poll.

Stubborn losses at its mobile unit have made it more challenging for Rakuten to meet its financial obligations. The mobile unit logged a 71 billion yen loss.

Rakuten has 1.8 trillion yen in outstanding debt, according to LSEG data.

Last month Rakuten took to refinancing around 1.75 billion of U.S. dollardenominated bonds that were due for redemption this year and Rakuten has recently sold off portions of its banking and securities arms to generate cash.

CFO Kenji Hirose told a briefing that the group now has enough liquidity to meet all of its debt redemptions this year and would continue its policy of prioritising noninterest bearing financing to reduce its debt burden.

1 150.5100 yen

Reporting by Anton Bridge; Editing by Edwina Gibbs

Source Reuters