SoftBank Group triples net profit

Tokyo: Japan’s SoftBank Group said on Wednesday its first-quarter net profit more than tripled thanks to exceptional gains related to the sale of shares in Chinese e-commerce giant Alibaba. The company announced net profit of 1.12 trillion yen ($10.5 billion) for the three months to June, up 257.6 per cent compared to the same period a year before. “It is the first time our quarterly net profit surpassed one trillion yen,” CEO Masayoshi Son told reporters. “It’s a remarkable performance,” he said. SoftBank Group said the growth was boosted by delayed gains from its 2016 sales of shares in Alibaba. — AFP