THE ASAHI SHIMBUN
May 12, 2021 at 18:30 JST
Softbank Group Corp. CEO Masayoshi Son at a news conference in Tokyo in February (Asahi Shimbun file photo)
Softbank Group Corp., benefiting from rising share prices overseas, posted 4.988 trillion yen ($45.85 billion) in net profits for the year ending in March, the highest figure ever for a Japanese company.
The group’s financial report announced on May 12 marked a big shift from last year’s 961.5 billion yen in net losses.
The novel coronavirus pandemic that started early last year has led to easy credit, with funds flooding stock markets around the world.
Softbank Group said that situation has fueled a surge in the prices of its shares in overseas companies, widening the conglomerate’s latent profits.
It also said earnings from its wireless carrier, Softbank Corp., and Yahoo Japan Corp., operator of an online shopping mall, contributed to the record high profits.
Toyota Motor Corp. held the previous record, with 2.494 trillion yen in net profits for fiscal 2017.
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