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SoftBank records $ 11.8 billion in profit

TOKYO– SoftBank Group Corp. returned to the black after large investment losses last fiscal year and reported a net profit of $ 1.26 billion ($ 11.8 billion) during the April-June quarter.

SoftBank lost $ 9 billion in the year ending March – the worst results in the company’s history – after its technology-focused $ 100 billion Vision Fund had an investment loss of nearly $ 17 billion.

Since SoftBank’s new financial year began in April, technology shares have risen and SoftBank’s own share price has risen at the height of a $ 23 billion repurchase program.

Recently, SoftBank has sold assets to finance share repurchases and strengthen its balance sheet through debt redemption. It reduces the stake in US mobile phone provider T-Mobile US Inc., Chinese e-commerce leader Alibaba Group Holding Ltd. and its Japanese mobile device.

The company said on Tuesday that it sold or made money on Yen4.3 trillion assets as of August 3.

SoftBank is also investigating a sale of the British chip designer Arm Holdings, one of its largest and strategically most important assets, The Wall Street Journal has reported.

On the Tokyo Stock Exchange, SoftBank shares closed up 2.45% on Yen6 361

($ 59.95) on Tuesday, but are still up 34% for the year. The earnings announcement came after the market closed.

Write to Phred Dvorak at [email protected] and Kosaku Narioka at [email protected]

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