Japan's SoftBank Group Corp 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 and General Motors Co's 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.