SoftBank posts $11.8bn net profit in first quarter

Aug 11, 2020 | News On Japan

Aug 11, 2020 (Nikkei) - SoftBank Group on Tuesday reported a net profit of 1.25 trillion yen ($11.8 billion) in the April-June quarter thanks to the merger and sale of its stake in U.S. mobile carrier Sprint, marking a return to profit after suffering its worst ever loss in the previous quarter.

Better performance at SoftBank's near $100 billion Vision Fund also helped reverse the losses. The fund segment posted an investment gain of 296 billion yen, thanks to mostly unrealized gains in the value of its 86 portfolio companies. These include U.S. ride-sharing company Uber Technologies and biotech firm Vir Biotechnology.

SoftBank founder and chairman Masayoshi Son has shifted to a defensive strategy amid looming uncertainty caused by the new coronavirus pandemic.

In March, the company announced plans to sell $41 billion worth of assets over the next year. In June Son said it had already realized about 80% of the target by selling shares in T-Mobile and its Japanese mobile arm SoftBank Corp, as well as from using its stake in Alibaba Group Holding. SoftBank has used some of the proceeds to buy back its own shares.

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