SoftBank posted a record group profit of $45.88 billion or 4.99 trillion yen in the year ended March, according to the company’s press release. The annual earning is the largest by a Japanese company and came at the back of an unprecedented loss of 962 billion yen in FY19.
SoftBank’s earnings were driven by a record 4.03 trillion yen or $36.99 billion profit on its Vision Fund unit based on a Q4 investment gain on Coupang.
Demand for tech stocks pushed for listing of SoftBank-backed Coupang.
Most of Vision Fund’s gains are said to be locked up in equity markets amid concerns of high valuation and regulatory scrutiny of blank-check firms.
SoftBank had a 2.5 trillion-yen buyback program started last year which rallied the stock in March to two-decade highs.
The company cut debt by 1 trillion yen in the year by repurchasing corporate bonds, retiring senior loans, and borrowings under a commitment line.
SoftBank’s dividend per share for the FY20 was set at 44 yenSoftBank stock is currently declining. 9984: TYO is down 3.45%
