Nov 10, 2020 (Japan Times) - SoftBank Group said Monday its first-half net profit soared 346.7%, sealing a strong recovery after a massive annual loss, as tech stocks rally and the firm sheds assets to shore up its finances.
Net profit for the six months to September came to ¥1.88 trillion ($18 billion), up from ¥421.6 billion a year earlier, the conglomerate said.
The profit surge was mainly due to gains on its investments, which topped ¥2 trillion for the period.
SoftBank, however, said it would not offer a forecast “as it is difficult to foresee consolidated results due to numerous uncertain factors”.
SoftBank reported a nearly ¥930 billion net loss in the previous full fiscal year, but quickly returned to the black in the first quarter.
Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said SoftBank had displayed “a steady performance” in line with robust gains in the global equity market.
SoftBank founder Masayoshi Son has transformed a telecoms company into an investment and tech behemoth with stakes in some of Silicon Valley’s hottest startups through its $100 billion Vision Fund.
