SoftBank Group Logs Highest Net Profit for Japan Firm

Tokyo, May 12 (Jiji Press)--SoftBank Group Corp. <9984> reported Wednesday a net profit of almost 5 trillion yen in fiscal 2020, the highest ever by a Japanese company. The technology investment company posted a consolidated net profit of 4,987,962 million yen in the year that ended in March. Returns on investments made through its affiliated fund ballooned as the global stock market upswing boosted the value of foreign startups in which the group has invested. The profit figure shows a dramatic turnaround from the previous fiscal year, when the company logged a net loss of 961,576 million yen. The rapid recovery in earnings was fueled by steady investment operations to take advantage of global digitalization and hopes for economic recovery after the novel coronavirus pandemic is brought to an end. SoftBank Group's sales in the latest reporting year came to 5,628,167 million yen, up 7.4 pct from the previous year. The earnings put SoftBank Group on a par with global giants such as U.S. technology powerhouse Apple Inc., which boasts the world's highest net profit, at the equivalent of over 6 trillion yen. SoftBank Group's earnings report is based on international accounting standards. The company did not release an earnings forecast for the current fiscal year. END