SoftBank Japan Turns Profit in April-June Quarter

Son Jeong-ui, Chairman of SoftBank Group
[Photo by AP News]

[Asia Economy Reporter Kim Min-young] SoftBank Group of Japan, which posted its worst-ever deficit from January to March, turned a profit in the April to June period.

SoftBank Group, led by Chairman Masayoshi Son, announced on the 11th that it recorded a net profit of 1.2557 trillion yen (approximately 14 trillion won) for the consolidated financial results from April to June this year. This represents an 11.9% increase in net profit compared to the same period last year.

SoftBank Group had posted its worst performance from January to March this year. Due to large-scale investment losses caused by the novel coronavirus infection (COVID-19), it recorded a deficit of 1.4381 trillion yen (approximately 16 trillion won).

The quarterly deficit recorded by SoftBank Group at that time was the largest ever for a Japanese company, surpassing the 1.3872 trillion yen deficit of Tokyo Electric Power Holdings from January to March during the 2011 Great East Japan Earthquake.

Local media such as Kyodo News and NHK cited the sale of shares in the major U.S. telecom company T-Mobile as a reason for SoftBank Group's return to profitability.