Thanks to its move of selling a stake in Chinese e-commerce titan Alibaba, Japanese mobile giant SoftBank has announced that its full-year net profit has tripled, Agence France-Presse reported.
According to its report, the company earned a net profit of 1.43 trillion yen for the fiscal year that ended last March. It also revealed that its operating profit increased by 12.9 percent.
The firm shared that its share sales in other companies have given them gains worth 238.10 billion yen. The figure is mainly attributed to SoftBank's sale of a partial stake in the Chinese counterpart of eBay.
In 2016, SoftBank has previously announced that it is eyeing to decrease its stake in Alibaba to 28 percent from 32.2 percent.
Earlier in June that year, the mobile giant also sold the Finnish game-making firm Supercell Oy to Chinese Internet powerhouse Tencent for $8.6 billion. Supercell is known as the creator and developer of "Clash of Clans."
SoftBank further remarked that its net profit increase was also attained because of the improvements in its U.S. subsidiary Sprint and of the profits it earned from acquiring ARM Holdings, a British iPhone chip designing company.
The Japanese firm also highlighted its home country's improved domestic telecommunications operations.
Despite announcing its tripled net profit figure, the company did not disclose its earnings estimates for the current fiscal year ending March 2018.
Softbank is helmed by founder Masayoshi Son, who was among the first businessmen who met U.S. President Donald Trump after he emerged victorious in the November elections.
Son was lauded by Trump after he pledged $50 billion worth of investment for business and job creation in the U.S.
Moreover, the Japanese business tycoon shared that he is aiming to invest heavily in the field of robotics, Internet of Things and artificial intelligence by tapping the resources of SoftBank's Vision Fund.