TOKYO (Reuters) – the japanese SoftBank Group Corp (9984.(T) raked in a better-than-expected quarterly operating profit as it saw a jump in the investment of the proceeds of the $100 billion Vision for this Fund.
FILE PHOTO: The logo of SoftBank Group, Corp, is displayed at SoftBank World in 2017 conference to be held in Tokyo, Japan, on July 20, 2017. (REUTERS photo/Issei Kato/File Photo
The results of the group are becoming more and more volatile as the founder and Chief Executive, Masayoshi Son, the focus will shift from the predicted revenues from the telecoms to the advantage of bets placed by means of super fund, and high-growth start-ups, with the sliding of the ratings.
SoftBank said on Wednesday its operating profit to be in the kingdom of Saudi-backed $100 billion, the Vision Fund has increased from 66% to 397.6 billion yen for the first quarter ended in the month of June.
The fund has $66.3 billion in investments in 81 companies in and is now worth $82.2 billion, the group added, such as the value of stakes in companies such as hotel chain, OYO and delivery service Doordash has grown.
A lot of the view of the Fund’s gains, paper gains, with the unrealised profit in the first quarter, a total of 604 billion yen.
This was, however, offset by a 195 billion yen in unrealized losses from a decline in the value of its stake in companies such as the ride from firm to Uber (UBER.(N), which trade below the initial public offering price.
The giant technology investor and operating results for the first quarter of 688.8 billion yen ($6.49 billion), a decrease of 3.7 percent compared to a year ago, when its results were propped up by a stake to buy in to the chip designer, Arm-in-China.
The final results will be more than 336 billion-euro estimate of five analysts compiled by Refinitiv.
- Saudi arabia, Abu Dhabi and the show was “great interest” in investing in VF2: SoftBank, the Son of
The results have come out, as SoftBank is preparing to launch a second aim of the Fund, which said last week it has secured $108 billion in commitments.
SoftBank plans to take a $38 billion for the new fund. It will all depend on the fruits of the first Vision, the Fund will bankroll the contribution of the source told Reuters.
The CEO’s Son, will speak at a press conference at 1600 local time (0700 GMT).
Report by Sam Nussey; Edit with the ipad, Himani