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SoftBank posts record $46bn annual profit as investments surge

Japanese conglomerate's earnings boosted by Coupang IPO in Q4

SoftBank Group chairman Masayoshi Son speaks during an online press conference on May 12. (Photo courtesy of SoftBank)

TOKYO -- SoftBank Group on Wednesday reported a record annual net profit for a Japanese company of 4.99 trillion yen ($45.8 billion), reflecting big investment gains in a strong year for its tech-heavy portfolio.

The results mark a stunning reversal from the group's annual loss of 961.5 billion yen for the year to March 2020 -- its worst ever. The earnings included 1.9 trillion yen ($17.8 billion) of net profit in the fourth quarter, mainly thanks to the blockbuster listing of South Korean e-commerce giant Coupang.

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