Japan's SoftBank returns to profit on global stock boom

Japanese technology conglomerate SoftBank Group Corp. says it returned to profitability in the fiscal year that ended in March, boosted by the strong performance of its sprawling investments as stock prices surged

TOKYO -- Japanese technology conglomerate SoftBank Group Corp. returned to profitability for the fiscal year that ended in March, it said Wednesday, boosted by the strong performance of its sprawling investments as stock prices surged. Tokyo-based SoftBank reported a 4.99 trillion yen ($36 billion) profit, a dramatic reversal from the 962 billion yen loss logged during the previous fiscal year. It did not break down quarterly results. Sales for the fiscal year totaled 5.6 trillion yen ($51 billion), up 7%. Sales of SoftBank's assets helped boost its bottom line by 5.6 trillion yen ($51 billion) from April to September 2020. The company sold holdings in U.S. mobile company T-Mobile, Chinese technology company Alibaba and Japanese telecommunications company SoftBank Corp. SoftBank was the first to offer the Apple iPhone in the Japanese market.