Video PlayerClose TOKYO, Aug. 11 (Xinhua) — SoftBank Group Corp. announced on Tuesday that its net profit increased 11.9 percent to 1.26 trillion yen (11.87 billion U.S. dollars) in the April-June period, buoyed by the telecoms and Internet giant spinning off assets to compensate for hefty losses from its investment fund. SoftBank Group, while reporting its sales declined 2.0 percent on year to 1.45 trillion yen (13.66 billion U.S. dollars) in the first quarter of fiscal 2020, opted not to disclose its full-year forecast or operating profit. In a bid to raise funds to offset losses from its Saudi Arabia-backed Vision Fund, the tech conglomerate said it had sold assets to the tune of 4.3 trillion yen (40.53 billion U.S. dollars) of its previous set target of 4.5 trillion yen. The fundraising scheme has involved the conglomerate selling a 5-percent stake in its mobile carrier and communications services division SoftBank Corp. as well a two-thirds stake in T-Mobile U.S. Inc. SoftBank’s 100 billion U.S. dollar Vision Fund set up to invest in high-potential tech startups and firms, ended up accumulating losses totaling 1.9 trillion yen (17.89 billion U.S. dollars) in fiscal 2019, due to substantial loss-making investments in tech firms… Read full this story
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