November 1, 2019 / 2:03 PM / 9 months ago

Softbank Group says to book $2.56 billion second-quarter gain on Alibaba stake

FILE PHOTO: The logo of SoftBank Group Corp is displayed at the SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

TOKYO (Reuters) - SoftBank Group Corp (9984.T) said on Friday it would book a 277 billion yen ($2.56 billion) gain in the second quarter after portfolio company Alibaba Group Holding (BABA.N) recorded a $9.7 billion gain related to its stake in Ant Financial.

SoftBank, which will report earnings for the July-September quarter on Nov. 6, has a 26% stake in Alibaba and said it will report the gain under income on equity method investments.

E-commerce giant Alibaba earlier on Friday reported a 260% jump in net income attributable to ordinary shareholders due to the one-time gain.

The boost from SoftBank’s stake in Alibaba comes as investors are bracing for big writedowns on some of the Japanese conglomerate’s biggest tech bets when it reports next week.

Reporting by Sam Nussey; editing by David Evans

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