AFP, Tokyo :
SoftBank Group on Monday said net profit rocketed to $11.1 billion in the third quarter as stock rallies and asset sales helped it solidify its recovery.
Net profit for October-December hit 1,171.9 billion yen, more than 21 times higher than the 55.0 billion yen reported a year earlier, the conglomerate said.
Despite the results, SoftBank Group said it would not provide “forecasts of consolidated results of operations as they are difficult to project due to numerous uncertainties affecting earnings”.
But the economic crisis that has accompanied the coronavirus pandemic has worked largely in SoftBank’s favour, with rallies in tech stocks it owns and rising valuations for firms in its portfolio suited to the era, including food delivery.
SoftBank Group on Monday said net profit rocketed to $11.1 billion in the third quarter as stock rallies and asset sales helped it solidify its recovery.
Net profit for October-December hit 1,171.9 billion yen, more than 21 times higher than the 55.0 billion yen reported a year earlier, the conglomerate said.
Despite the results, SoftBank Group said it would not provide “forecasts of consolidated results of operations as they are difficult to project due to numerous uncertainties affecting earnings”.
But the economic crisis that has accompanied the coronavirus pandemic has worked largely in SoftBank’s favour, with rallies in tech stocks it owns and rising valuations for firms in its portfolio suited to the era, including food delivery.
