{"id":10413,"date":"2021-05-16T16:57:15","date_gmt":"2021-05-16T16:57:15","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=10413"},"modified":"2021-05-16T16:49:35","modified_gmt":"2021-05-16T16:49:35","slug":"softbank-beats-japanese-record-for-annual-net-profit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/softbank-beats-japanese-record-for-annual-net-profit","title":{"rendered":"SoftBank beats Japanese record for annual net profit"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>INTERNATIONAL – Investment giant Softbank Group on Wednesday reported the best ever annual net profit for a Japanese company, reaping the rewards of tech share rallies to recover from last year’s record loss.<\/p>\n

The telecoms firm turned investment behemoth has poured money into some of Silicon Valley’s biggest names and hottest new ventures from AI to biotech through its $100-billion (R1.41 trillion) Vision Fund.<\/p>\n

People moving their lives online during pandemic lockdowns boosted the tech sector and helped the firm score a net profit of 4.99 trillion yen ($45.8 billion) for the year to March, SoftBank said.<\/p>\n

The yearly figure tops Japan’s previous record held by Toyota and places SoftBank among the world’s most profitable companies.<\/p>\n

But the firm warned that virus uncertainties meant there was “no guarantee that the current positive impact will be sustained”, while analysts said a recent rout in tech shares could spell trouble for the firm.<\/p>\n

In 2019-20, SoftBank reported a net loss of 961.6 billion yen — its worst ever — as the start of the pandemic compounded woes caused by its investment in troubled office-sharing start-up WeWork.<\/p>\n

But it quickly returned to profit as the impact of Covid-19 lockdowns worked largely in its favour.<\/p>\n

As people flocked to shop online, South Korean e-commerce giant Coupang, backed by SoftBank, raised more than $4 billion in its initial public offering (IPO) in March.<\/p>\n

The value of the Vision Fund’s stake in US food delivery app DoorDash also rose massively following its December IPO.<\/p>\n

SoftBank founder Masayoshi Son took a typically defensive tone over the huge annual profit, saying it did not mean investors were “throwing their arms up in the air and giving all the praise”.<\/p>\n

“We must continue to make profit consistently to prove that all this is not out of luck… in the future, the stock market will go up and down,” he said.<\/p>\n

‘Regrets’<\/b><\/p>\n

Son admitted he harboured “regrets” over several past decisions.<\/p>\n

“There were investment failures. There was WeWork. There was Greensill. There was Katerra. There were many investing mistakes,” he said.<\/p>\n

“But what I regret more is that there were wonderful companies and I missed them. If I were playing baseball, it was like missed strikeouts.”<\/p>\n

Soaring tech shares on Wall Street led to consolidated gains of 7.53 trillion yen on its investments, particularly Vision Fund shares, Softbank said.<\/p>\n

Masahiko Ishino, an analyst at Tokai Tokyo Research Institute, said the conglomerate should make hay while the sun shines.<\/p>\n

“I don’t know if ‘it’s time to harvest’ is the correct phrase — but it’s true that now is a good time to see results after the company’s investments three or four years ago,” he told AFP ahead of the earnings report.<\/p>\n

“A big factor behind (SoftBank’s strong results) is the soaring US and global markets. It’s a powerful driver, as many of the companies SoftBank has invested in are listed in the United States,” he explained.<\/p>\n

Kirk Boodry, an analyst at Redex Holdings, said a rout in tech shares seen in recent days could threaten SoftBank’s plans to list more portfolio companies.<\/p>\n

“For Softbank Group, tech weakness hits on multiple levels,” he said, noting that Vision Fund public investments were down nearly $3 billion in the past two days.<\/p>\n

SoftBank has invested heavily in ride-hailing platforms worldwide in recent years, from California-based Uber to Didi Chuxing in China, Singapore’s Grab and India’s Ola.<\/p>\n

In January, SoftBank announced the sale of $2 billion worth of stocks in Uber following a surge in the US ride-hailing giant’s value, though it still remains the firm’s main shareholder.<\/p>\n

Last month the Japanese group said it will buy a 40 percent stake in Norwegian robotics company AutoStore, which develops warehouse automation technology, in a deal worth $2.8 billion.<\/p>\n

AFP<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

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