20 Nov 2019 00:00:00 AM Breaking News
Emirates to carry over 6,500 passengers to Dubai for Amway’s largest leadership gatheringTrading of Emirates NBD Bank’s rights issue to take place this NovemberSelling pressure on Emaar drags DFM 1.3% lowerEmirates NBD hires Standard Chartered's Patrick Sullivan as CFOWorld Bank chief asks India to reform financial sectorEarly settlement charges on home loans in UAE reducedBreast Cancer Awareness: How to do a self-exam and why it is a mustDFM surges 4.8 percentageas Emirates NBD hikes foreign stakes limitMcDonald’s enlists Alexa and Google to help with its hiring84-year-old Indian man goes skydiving in DubaiUAE in Space: Have questions for Hazza on the ISS?Indian minister seeks direct flight between Bhubaneswar and DubaiExpo 2020 dome now complete, marking new milestone for UAEEmirati astronaut Hazza Al Mansouri undergoes final test as lift-off nearsSoftBank triples net profit in Q1Microsoft 'listens' to conversations, but only with permissionChina warns India of ‘reverse sanctions’ if Huawei is blockedStocks, oil edge higher as trade-war panic easesTens of thousands losing jobs as India's auto crisis deepensSerena again tops Forbes list of highest-paid sports womenDubai equity traders get a reason to cash out ahead of holidaysRight time to invest? UAE equities attractive on low valuations, positive indicatorsIndian rupee hits 19.21 vs UAE dirhamHumid and dusty weather in UAE until Eid weekendHeathrow airport strike: Emirates issues travel advisoryEid Al Adha 2019: Four-day holiday in UAEEid Al Adha to be celebrated on August 11 in UAENissan, Renault eye restructuring for Fiat merger: report Nissan controls 15 per cent and has no voting rights in Renault

SoftBank triples net profit in Q1

The company announced net profit of 1.12 trillion yen for the three months to June

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, Dh38.5 billion) for the three months to June, up 257.6 per cent compared to the same period a year before.

SoftBank Group said the growth was boosted by delayed gains from its 2016 sales of shares in Alibaba, which had an impact on income of 857 billion yen.

Sales rose 2.8 per cent to 2.34 trillion yen while operating profit dipped 3.7 per cent to 690 billion yen.

Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has morphed into an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

Last month, the company said it would team up with tech firms including Apple and Microsoft in a new $108-billion investment fund to accelerate the “AI revolution.”

The new fund is the long-mooted successor to its mammoth Saudi-backed Vision Fund, which has taken stakes in leading tech start-ups from Uber to WeWork.

The announcement of Vision Fund 2 made no mention of Saudi Arabia among the investors, though reports ahead of the unveiling suggested Riyadh was in negotiations to put money into the fund.

In May, Son told reporters the fund was “the most important management engine” for his firm.