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SoftBank's April-June profit multiplies on IT investments

In this July 20, 2017, file photo, SoftBank Group Corp. Chief Executive Officer Masayoshi Son, left, speaks during a SoftBank World presentation at a hotel in Tokyo. (AP Photo/Shizuo Kambayashi)

TOKYO (Kyodo) -- SoftBank Group Corp. said Monday its group net profit in the April to June period jumped to 313.69 billion yen ($2.8 billion) from 5.52 billion yen a year earlier, as its investments through its nearly $100 billion fund are paying off.

The Japanese telecommunications and internet services giant said its group operating profit rose 49.2 percent to 714.99 billion yen on sales of 2.27 trillion yen, up 4.0 percent.

The company did not provide a forecast for the full current fiscal year, citing business environment uncertainty.

SoftBank's Vision Fund, which the company set up with partners including Saudi Arabia's sovereign wealth fund last year, has focused on investments into information technologies companies in the fields of ride hailing, e-commerce, digital payments and health care.

In the three months through June 30, SoftBank saw an unrealized profit of 244.90 billion yen from the Vision Fund, including 164.25 billion yen from selling its stake in Indian e-commerce company Flipkart to U.S. retailer Walmart.

A one-time gain of 161.3 billion yen from British semiconductor unit ARM Holdings plc's Chinese business becoming an affiliate from a subsidiary also helped boost profits at SoftBank. SoftBank bought ARM Holdings for $31 billion in 2016.

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