By Sam Nussey
TOKYO (Reuters) – SoftBank Group Corp on Tuesday reported a 12% rise in net income in the first quarter but broke with tradition by not report operating profit, saying it was “not useful” as a measure of the conglomerate’s investment performance.
Net profit was 1.3 trillion yen ($12.3 billion) in the April-June quarter after the group booked a gain following the merger of U.S. wireless carrier Sprint with T-Mobile US Inc. The result compared with 1.2 trillion yen in the same period a year earlier.
SoftBank’s $100 billion Vision Fund posted an investment gain of 297 billion yen in the quarter as the fund sold down assets and revalued its portfolio upwards.
(Reporting by Sam Nussey; Editing by Christopher Cushing)
