Japan's SoftBank returns to profit on global stock boom

Japanese technology conglomerate SoftBank Group Corp. says it returned to profitability in the fiscal year that ended in March, boosted by the strong performance of its sprawling investments as stock prices surged

TOKYO -- Japanese technology conglomerate SoftBank Group Corp. returned to profitability for the fiscal year that ended in March, it said Wednesday, boosted by the strong performance of its sprawling investments as stock prices surged. Tokyo-based SoftBank reported a 4.99 trillion yen ($36 billion) profit, a dramatic reversal from the 962 billion yen loss logged during the previous fiscal year. It did not break down quarterly results. The annual net profit was the biggest for any company in Japanese history, surpassing Japan's top earner Toyota Motor Corp. But Son brushed off the achievement as “a coincidence," while promising to keep pursuing his dream of innovation, not just monetary gain. Sales for the fiscal year totaled 5.6 trillion yen ($51 billion), up 7%.