SoftBank Group returns to black for 1st time in 4 yrs on stock rally
TOKYO (Kyodo) -- SoftBank Group Corp. said Tuesday it swung back to profitability in fiscal 2024 for the first time in four years with a net profit of 1.15 trillion yen ($7.8 billion) due to a rise in the value of its investment portfolio.
The turnaround by the Japanese tech investment firm, on the back of a global stock rally, comes after it had marked a loss of 227.65 billion yen the previous year.
Sales for the year ended March were up 7.2 percent at 7.24 trillion yen.
SoftBank Group logged 3.70 trillion yen in investment profit for the fiscal year, compared with a loss of 559.35 billion yen a year earlier.
In its flagship Vision Fund investment segment, the value of companies such as TikTok operator ByteDance Ltd. and South Korean e-commerce giant Coupang Inc. improved, it said.
SoftBank Group did not release its earnings forecast for fiscal 2025, citing the difficulty of making projections due to "numerous uncertainties affecting earnings."
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