SoftBank H1net profit up 46.7pc to $18 billion

TOKYO, Nov 09 (AFP): SoftBank Group said Monday its first-half net profit soared 346.7 per cent, sealing a strong recovery after a massive annual loss, as tech stocks rally and the firm sheds assets to shore up its finances.

Net profit for the six months to September came to 1.88 trillion yen ($18 billion), up from 421.6 billion yen a year earlier, the Japanese conglomerate said.

The profit surge was mainly due to gains on its investments, which topped two trillion yen for the period.

SoftBank, however, said it would not offer a forecast "as it is difficult to foresee consolidated results due to numerous uncertain factors".

SoftBank reported a nearly $9.0 billion net loss in the previous full fiscal year, but quickly returned to the black in the first quarter.