SoftBank Group Triples Net Profit, Thanks to Alibaba
Japan's SoftBank Group said its first-quarter net profit more than tripled thanks to exceptional gains related to the sale of shares in Chinese e-commerce giant Alibaba.
The company announced a net profit of 1.12 trillion yen ($10.5 billion) for the three months to June, up 257.6 percent compared to the same period a year before.
"It is the first time our quarterly net profit surpassed one trillion yen and It's a remarkable performance," CEO Masayoshi Son told reporters.
SoftBank Group said the growth was boosted by delayed gains from its 2016 sales of shares in Alibaba, which had an impact on the income of 857 billion yen.
Sales rose 2.8 percent to 2.34 trillion yen while operating profit dipped 3.7 percent to 690 billion yen.
Under tycoon Son, SoftBank, which started as a...