SoftBank posts 9 % drop in full-year profit, skips forecast

SoftBank Corp reported on Monday a 9 percent fall in profit for the fiscal year just ended, hurt by the absence of one-time gains enjoyed the year before, while it has been weighed down by the costs of trying to turn around U.S. unit Sprint.

The Japanese telecommunications company said it had an operating profit of 982.7 billion yen ($8.2 billion) in the year ended March 31, versus 1.08 trillion yen in the prior year. The average estimate among 20 analysts was 980.87 billion yen, according to Thomson Reuters StarMine.

The company did not issue a forecast for the current fiscal year, saying it was difficult to provide estimates due to a large number of uncertain factors.

SoftBank purchased No.3 U.S. carrier Sprint Corp for more than $20 billion in 2013. Sprint, 80 percent-owned by SoftBank, has been intensely competing with larger rivals AT&T Inc and Verizon Communications Inc .

Source: Reuters