SoftBank Corp.’s CEO Ken Miyauchi rings the bell during a ceremony at the Tokyo Stock Exchange in Tokyo Wednesday, Dec. 19, 2018. AP FILE PHOTO
TOKYO — Japan’s SoftBank Group on Thursday reported annual net profit jumped more than a third, helped by gains from its investment fund which has ploughed billions into some of the hottest names in the tech sector.
Net profits for the financial year ending March at the telecoms and investment group came in at 1.41 trillion yen ($12.8 billion), up 35.8 percent.
The company hailed gains of 1.26 trillion yen from its investment funds, led by SoftBank Vision Fund, estimated to have firepower of around $100 billion with heavy Saudi Arabian backing.
Under CEO Masayoshi Son’s leadership, the SoftBank Vision Fund has embarked on a series of investments, one of the most recent being a $1 billion joint injection with Toyota into to develop driverless cars.
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The value of SoftBank Group’s stake in Uber gained 418 billion yen.
