SoftBank posts $8.9 billion profit, first in five quarters

TOKYO – SoftBank Group on Feb 8 posted a net profit of 985.5 billion yen (S$8.9 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 giant, which has gone through a period of slashing investment activity and selling off assets.

Many of its investments in high-growth start-ups had fallen in value under the higher interest rate environment that followed the Covid-19 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 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. REUTERS

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