According to the technology and Internet company,on the strength of its rapidly expanding mobile business, Softbanks Corp.’s net profit has increased to a high fiscal year. Softbank has reported a group net profit of 108.62 billion yen ($1 billion; 650 million euros)for the fiscal year through March, compared with profit of 28.82 billion yen the previous year. It has recoded a a 19.6 percent gain in operating profit to 324.29 billion yen ($3.11 billion; euro2.0 billion) and a 9.1 percent rise in revenue to 2.776 trillion yen ($26.6 billion; euro17.24 billion).There was a huge earnings from a one-time gain of 57 billion yen ($550 million; euro360 million) it received from the listing of affiliate Alibaba.com Ltd. in Hong Kong.

Softbank was founded in 1981 by President Masayoshi and its holdings include a majority stake in Yahoo Japan Corp.When Softbank bought its mobile operations for 1.75 trillion yen in 2006, the unit had been struggling under former owner Vodafone Group PLC and analysts criticized the company for taking on debt to fund the purchase.The company did not release an earnings forecast for the current fiscal year. It reported earnings after the market closed. Its shares fell 3.3 percent to 2,040 yen on the Tokyo Stock Exchange in a broad market decline.

Categories: Banking and Finance
Tags: broad market, internet, Japan, mobile business, net profit, Shares, softbank, Technology, tokyo stock exchange, trillion, Vodafone