Japanese technology company SoftBank says its net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to gains in its main investment fund.
Sales in the April-June quarter edged up 4 percent to 2.3 trillion yen.
Sales were flat at SoftBank's U.S. mobile provider Sprint, dropping 0.4 percent to USD 8.1 billion.
The Tokyo-based company realized a one-time gain of 161.3 billion yen from the sale of a large share in the Chinese operations of its British-based Arm Holdings semiconductor business to Chinese investors.
Company founder and CEO Masayoshi Son has said he aims to prepare SoftBank to grow continuously for 300 years based on a strategy of investing as a strategic holding company across a spectrum of industries that are leading the "Information Revolution."
That approach has led SoftBank minority investments in companies ranging from a hotel network and trucking logistics to used auto sales and a real estate technology platform.
SoftBank has also invested heavily in ride-sharing and renewable energy. SoftBank announced last month that it was investing about USD 2 billion to raise its stake in Yahoo Japan, a search-engine company, through an acquisition from U.S. investment company Altaba Inc.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)