TOKYO– SoftBank Group Corp. came back to the black after large investment losses last fiscal year, reported a net profit of Yen1.26 ($ 11.8 billion) in the quarter April-June.
SoftBank lost $ 9 billion in the year ending March – the worst result in the company’s history – after its technology-focused $ 100 billion Vision Fund posted an investment loss of nearly $ 17 billion.
Since SoftBank’s new fiscal year began in April, technology stocks have risen and SoftBank’s own share price has risen in the wake of a $ 23 billion share sale program.
Recently, SoftBank sold assets to finance the acquisition of shares and to support its balance sheet through debt relief. It reduces betting in US phone provider T-Mobile US Inc., Chinese e-commerce leader Alibaba Group Holding Ltd. and its Japanese mobile unit.
The company said Tuesday that it sold Yen4.3 trillion assets as monetaryized on August 3rd.
SoftBank is also investigating a sale of UK chip designer Arm Holdings, one of its largest and strategically most important assets, The Wall Street Journal reported.
On the Tokyo Stock Exchange, SoftBank shares closed down 2.45% on Yen6,361 ($ 59.95) on Tuesday, but are still up 34% for the year. The announcement of earnings came after the market closed.
Write to Phred Dvorak at [email protected] and Kosaku Narioka at [email protected]
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