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SoftBank posts $11.8bn net profit in first quarter

Sale of T-Mobile stake helps Japanese conglomerate rebound from record loss

A turnround in valuations at SoftBank is a relief for Masayoshi Son, founder and chairman. (Screenshot from SoftBank website) 

TOKYO -- SoftBank Group on Tuesday reported a net profit of 1.25 trillion yen ($11.8 billion) in the April-June quarter thanks to the merger and sale of its stake in U.S. mobile carrier Sprint and a recovery in its $100 billion Vision Fund, marking a return to profit after its worst ever loss in the previous quarter.

The turnround in valuations and completion of the long-sought Sprint deal have been a balm for Masayoshi Son, SoftBank founder and chairman, who only months ago plunged the group into a series of asset sales to try to quell investor concern over its deteriorating balance sheet.

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