TOKYO– SoftBank Group Corp. turned black after huge investment losses last fiscal year, reporting a net profit of 1.26 trillion ($ 11.8 billion) in the April-June quarter.
SoftBank lost $ 9 billion in the year ended March – the worst results in the company’s history – after its $ 100 billion technology-focused fund Vision posted an investment loss of nearly $ 17 billion.
Since SoftBank’s new fiscal year began in April, tech stocks have risen and SoftBank’s own stock price has risen following a $ 23 billion share repurchase program.
Recently, SoftBank has sold assets to finance stock purchases and strengthen its balance sheet through debt repayment. It is reducing shares in US mobile phone provider T-Mobile US Inc., Chinese e-commerce leader Alibaba Group Holding Ltd. and its Japanese mobile unit.
The company said Tuesday it has sold or monetized Yen4.3 trillion assets since Aug. 3.
SoftBank is also exploring a sale of UK stylists Arm Holdings, one of its largest and most strategically important assets, the Wall Street Journal reported.
On the Tokyo Stock Exchange, SoftBank shares closed 2.45% at Yen6,361($ 59.95) on Tuesday, but they are still up 34% for the year. The profit announcement came after the market closed.
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