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SoftBank's net-profit rises 12% in first quarter

Net profit was 1.3 trillion yen ($12.3 billion) in the April-June quarter after the group booked a gain following the merger of U.S. wireless carrier Sprint with T-Mobile US Inc

twitter-logoReuters | August 11, 2020 | Updated 12:56 IST
SoftBank's net-profit rises 12% in first quarter

SoftBank Group Corp on Tuesday reported a 12% rise in net income in the first quarter but broke with tradition by not report operating profit, saying it was "not useful" as a measure of the conglomerate's investment performance.

Net profit was 1.3 trillion yen ($12.3 billion) in the April-June quarter after the group booked a gain following the merger of U.S. wireless carrier Sprint with T-Mobile US Inc. The result compared with 1.2 trillion yen in the same period a year earlier.

SoftBank's $100 billion Vision Fund posted an investment gain of 297 billion yen in the quarter as the fund sold down assets and revalued its portfolio upwards.

($1 = 106.1000 yen)

Also read: Hyundai expects new family of Ioniq vehicles to drive global EV sales

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