Softbank group reported on Tuesday that net profit in the first quarter ended June rose 12% to 1.3 trillion yen (about $12.3 billion) from y1.2 trillion a year earlier. But the company broke with the tradition of not reporting operating profit, saying it was “useless” in measuring the group’s investment performance.
Sun Zhengyi, CEO of Softbank, has long regarded the total asset value of Softbank as his preferred success indicator. The group reported a record y1.35 trillion operating loss in the last quarter to the end of March, mainly due to write downs on the vision fund.
Softbank’s revenue in the first quarter was 1.45 trillion yen (about US $13.665 billion), down 2% from y1.48 trillion in the same period last year.
Softbank said its “vision fund” investment income in the first quarter was 297 billion yen (about $2.8 billion), thanks to asset sales and an upward revision of its portfolio valuation.