TOKYO (Reuters) - Japan’s SoftBank Group Corp (9984.T) on Monday reported a surge in second-quarter profit, helped by higher valuations on high-tech bets just as doubts grow over the firm’s dependence on Saudi Arabia funds.
SoftBank’s July-September operating profit rose to 705.7 billion yen ($6.23 billion) compared with 395.6 billion yen a year earlier. The year-earlier figure used previous accounting standards.
SoftBank and its Saudi Arabia-backed Vision Fund - which after raising more than $93 billion last year is the world’s largest private equity fund - is recording higher valuations on high-tech bets such as on ride-hailing firm Uber Technologies Inc [UBER.UL] and General Motors Co’s (GM.N) Cruise self-driving vehicle unit.
For investors, however, SoftBank’s ties to Saudi Arabia have become a source of unease since the murder of Saudi journalist Jamal Khashoggi.
($1 = 113.2500 yen)
Reporting by Sam Nussey; Editing by Christopher Cushing