SoftBank Posts $6.6 Bln Profit, First in Five Quarters

Reuters02-08

TOKYO, Feb 8 (Reuters) - SoftBank Group on Thursday posted a net profit of 985.5 billion yen ($6.6 billion) in the October-December quarter, ending a streak of four consecutive quarters in the red, as the value of publicly listed investments gained ground.

The results mark a turnaround for the investment company, which has gone through a period of slashing investment activity and selling off assets.

Many of its investments in high-growth startups had fallen in value under the higher interest rate environment that followed the coronavirus pandemic.

The net profit at group level compared with a 744.7 billion yen loss a year earlier on a steep decline in the valuation of its unlisted Vision Fund unit investments.

Its Vision Fund investment unit, meanwhile, booked an investment profit of 600.73 billion yen in the latest quarter, following a modest profit of 21.4 billion yen three months earlier.

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