Japan’s SoftBank returns to profit on global stock boom

TOKYO (AP) — Japanese technology conglomerate SoftBank Group Corp. says it returned to profitability in the fiscal year that ended in March, boosted by the strong performance of its sprawling investments as stock prices surged. Tokyo-based SoftBank reported its profit was 4.99 trillion yen, or $36 billion, a dramatic reversal from a 962 billion yen loss during the previous fiscal year. The annual net profit was the biggest for any company in Japanese history, even surpassing Japan’s top earner Toyota. But Son brushed off the achievement as “a coincidence,” while promising to keep pursuing his dream of innovation, not just monetary gain.