Japan tech giant SoftBank's profits rise on investments

FILE - In this Aug. 7, 2019, file photo, people walk by a SoftBank shop in Tokyo. Japanese technology conglomerate SoftBank Group Corp. saw its April-June profit rise 12% as its investments added to its coffers, including sales of U.S. carrier T-Mobile shares. (AP Photo/Koji Sasahara, File)
FILE - In this Aug. 7, 2019, file photo, people walk by a SoftBank shop in Tokyo. Japanese technology conglomerate SoftBank Group Corp. saw its April-June profit rise 12% as its investments added to its coffers, including sales of U.S. carrier T-Mobile shares. (AP Photo/Koji Sasahara, File) (Copyright 2019 The Associated Press. All rights reserved.)

TOKYO – Japanese technology giant SoftBank Group Corp.'s said Tuesday that its profit rose 12% in April-June from a year earlier as its investments added to its coffers, including sales of its shares in U.S. carrier T-Mobile.

Tokyo-based SoftBank reported Tuesday a fiscal first quarter profit of 1.2 trillion yen ($11.5 billion), up from 1.1 trillion yen in the previous fiscal year.

Quarterly sales inched down 2% to 1.45 trillion yen ($13.7 billion).

SoftBank, whose group includes the carrier that introduced the iPhone to Japan, said it has been shoring up its cash reserves.

Chief Executive Masayoshi Son said the company already has raised in several months nearly all the 4.5 trillion yen ($41 billion) it had promised in March to attain within a year.

But he acknowledged worries about a second or third wave of the coronavirus pandemic.

The company compared the crisis to the hard times of the Great Depression of the late 1920s and early 1930s.

SoftBank announced last month that it’s setting up a new subsidiary company to carry out coronavirus tests and will start giving them first to its employees and members of the SoftBank Hawks professional baseball team.