SoftBank Group's Net Profit Tops 1.2 T. Yen in April-June

Economy

Tokyo, Aug. 11 (Jiji Press)--SoftBank Group Corp. <9984> said Tuesday that it posted a consolidated net profit of 1,255,712 million yen in the April-June quarter, up 11.9 pct from a year before and against the January-March loss of 1,438.1 billion yen.

The net profit was inflated by some 700 billion yen in line with divestment of shares in U.S. mobile carrier Sprint Corp.

In April-June, the Japanese investment and telecommunications group's revenues fell 2.0 pct to 1,450,055 million yen, and its pretax profit slid 50.9 pct to 833,047 million yen, due to a decrease in the value of shares held by its 10-trillion-yen SoftBank Vision Fund.

The current investment environment is "not perfect," SoftBank Group Chairman and Chief Executive Officer Masayoshi Son said in an online briefing.

"We're in defensive mode," said Son, suggesting that the company is bracing for economic turmoil from a possible second wave of coronavirus infections.

[Copyright The Jiji Press, Ltd.]

Jiji Press