SoftBank H1 net profit surges more than four-fold to $18bn

10 November, 2020 12:00 AM printer

TOKYO: Japan’s SoftBank Group said Monday its first-half net profit soared 346.7 percent, sealing a strong recovery after a massive annual loss, as tech stocks rally and the firm sheds assets to shore up its finances.

Net profit for the six months to September came to 1.88 trillion yen ($18 billion), up from 421.6 billion yen a year earlier, the conglomerate said.

The profit surge was mainly driven by gains on its investments, which topped two trillion yen for the period, reports AFP.

However, it said it would not offer a forecast “as it is difficult to foresee consolidated results due to numerous uncertain factors”. SoftBank reported a nearly $9 billion net loss in the previous full fiscal year, but quickly returned to the black in the first quarter. Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said the firm had displayed “a steady performance” in line with robust gains in the global equities markets.