SoftBank Group Q1 net profit down 39pc on-year | Malay Mail

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SoftBank Group Q1 net profit down 39pc on-year | Malay Mail
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TOKYO, Aug 10 — Investment giant SoftBank Group said today net profit plunged 39 per cent in the first quarter, following gains in the same period last year related to the US merger of T-Mobile and Sprint. Net profit in the three months to June was ¥761.5 billion (RM29.1 billion), the Japanese...

TOKYO, Aug 10 — Investment giant SoftBank Group said today net profit plunged 39 per cent in the first quarter, following gains in the same period last year related to the US merger of T-Mobile and Sprint.

The merger of US telecoms operators T-Mobile and Sprint — formerly controlled by SoftBank Group — was completed in April 2020, releasing 734.5 billion in net income, SoftBank said in a statement. Last financial year, the telecoms firm turned investment behemoth reported Japan’s biggest ever net profit thanks to tech shares rallies as people moved their lives online during the coronavirus pandemic.

“Last year’s record high follows the previous year’s record loss, and signifies the highly volatile nature of the company’s business,” she told AFP.

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