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SoftBank's earnings surge 50-fold on investment fund gains

AP  |  Tokyo 

Japanese company 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.

The rose in value by 244.9 billion yen, driven by higher valuations for its holdings in Indian and American shared office provider

The value of the fund's stake in increased 164.3 billion yen after agreed in May to buy it.

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 business to Chinese investors.

SoftBank's profits slumped to 5.5 billion yen in the April to June quarter last year on losses from its investment in Chinese company

Company founder and has said he aims to prepare 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 and trucking logistics to used auto sales and a real estate platform.

It also owns British company ARM, an innovator in the "internet of things," and a team, the SoftBank Hawks.

SoftBank has also invested heavily in ride-sharing and SoftBank announced last month that it was investing about USD 2 billion to raise its stake in Yahoo Japan, a company, through an acquisition from U.S. investment company Altaba Inc.

SoftBank has been boosting its collaboration with to strengthen its e-commerce, services and other businesses.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 06 2018. 22:55 IST