SoftBank Group’s net profit for the third quarter sky rocketed to $11.1 billion, it said on Monday. The Bank said that stock rallies and asset sales helped its speedy recovery.
The net profit for the October-December quarter hit hit 1,171.9 billion yen, making it more than 21 times higher as compared to the net profit of 55.0 billion in the previous year.
The rallies in its tech stocks and constantly rising valuations of firms in its portfolio worked well for the company in the pandemic.
Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, “Government stimulus designed to combat the economic effects of the pandemic have helped bolster stock markets, to SoftBank’s benefit”.
In the previous fiscal year SoftBank reported nearly a $9 billion net loss.