Japan's SoftBank Group marks a return to profit as it cuts Vision Fund losses

Japanese technology conglomerate SoftBank Group has returned to profitability after four straight quarters in the red

TOKYO -- Japanese technology conglomerate SoftBank Group returned to profitability in October-December after four straight quarters in the red, the company said Thursday.

Tokyo-based SoftBank reported a 950 billion yen ($6.4 billion), profit for the October-December quarter, a reversal from a 783 billion yen loss in the same period a year earlier.

It remained in the red for the first nine months of the fiscal year that ends in March. Its 458.7 billion yen ($3 billion) loss for April-December was still an improvement from the 912.5 billion yen in losses a year earlier.

Nine-month sales at SoftBank rose 2.6% to 5 trillion yen ($33.6 billion). Quarterly sales rose nearly 5% to 1.77 trillion yen ($11.9 billion)

SoftBank, which invests in companies such as Yahoo Japan, T-Mobile, Alibaba and Line, said it reduced its losses related to its array of investments called the Vision Fund.