SoftBank Group reported the highest ever quarterly profit for a Japanese company Wednesday thanks to an unprecedented windfall from its Vision Fund, whose ¥2.3 trillion profit was supercharged by the blockbuster IPO for Coupang in March. Net income was ¥1.93 trillion ($17.7 billion) for the three months ended March 31, Bloomberg reports.
Meanwhile, the microchips may be down, but Toyota has managed to navigate the pandemic and its economic fallout for fiscal 2020, boosting its net profit by 10% from the previous year to ¥2.25 trillion, Kazuaki Nagata reports. The firm also revealed Wednesday a projection that about 80% of new car sales by 2030 will be electric vehicles, including hybrids.
Crisis-hit Nissan, meanwhile, narrowed its net loss to ¥448.7 billion for the fiscal year, from a loss of ¥671.2 billion a year earlier, beating its own forecast — though the carmaker warned Tuesday that the outlook remains clouded by the global chip shortage.
With international travel still mostly on pause, the year hasn’t been as kind to Japan’s airlines. The parent of All Nippon Airways reported a record net loss of ¥404.62 billion last month for fiscal 2020. And on Friday, Japan Airlines announced a hit of ¥286.69 billion for the business year, JAL’s first red ink since relisting in 2012 following business rehabilitation.