Japan's Softbank reports rise in profits

Profit at Softbank soared in the April-June quarter to more than 17 times earnings in the same quarter last year on solid performance in its mobile phone business, an Associated Press report said.

The Associated Press report said profit for the Tokyo-based company, which bought the Japanese mobile operations of Vodafone Group last year, rose to 25.13 billion yen ($211.2 million) from 1.42 billion yen ($11.8 million) profit in the same period the previous year.

Softbank's sales jumped 34% to 663.08 billion yen ($5.57 billion) in the latest quarter from 494.23 billion yen ($4.1 billion) a year earlier, the report said.

The mobile operations, called Softbank Mobile, have grown into the core of Softbank's business, and the carrier has been adding users faster than its rivals in recent months, the company said.

Softbank, which also offers electronic shopping and online gaming, has adopted an aggressive price-slashing campaign to win over customers from rivals NTT DoCoMo and KDDI.