Society | May 12

SoftBank Group posts record annual net profit

SoftBank Group has posted a record net profit of 4.98 trillion yen, or about 46 billion dollars, for the fiscal year that ended in March.

SMBC Nikko Securities says that's the highest ever annual net income for a listed Japanese company.

SoftBank executives attributed the strong earnings to increases in the stock prices of companies that the group invests in, including ride-hailing giant Uber.

New listings of such firms, including US food delivery service DoorDash and South Korean online retailer Coupang also helped boost profit.

SoftBank Group's performance marks a spectacular turnaround from the previous year when it suffered a net loss of 961 billion yen. That was due to the financial market turmoil caused by the coronavirus pandemic.

Source: ANNnewsCH

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