SoftBank Reports 12% Rise in First-quarter Net Profit, Doesn't Disclose Operating Profit​

SoftBank Group Corp Chairman and CEO Masayoshi Son speaks at a news conference in Tokyo, Japan, Oct. 4, 2018.

TOKYO (Reuters) - SoftBank Group Corp <9984.T> on Tuesday reported a 12% rise in net income in the first quarter but broke with tradition by not report operating profit, saying it was "not useful" as a measure of the conglomerate's investment performance.

Net profit was 1.3 trillion yen ($12.3 billion) in the April-June quarter after the group booked a gain following the merger of U.S. wireless carrier Sprint with T-Mobile US Inc <TMUS.O>. The result compared with 1.2 trillion yen in the same period a year earlier.

SoftBank's $100 billion Vision Fund posted an investment gain of 297 billion yen in the quarter as the fund sold down assets and revalued its portfolio upwards.

($1 = 106.1000 yen)