SOFTBANK’S ANNUAL PROFIT DROPS 27 PERCENT ON SPRINT WOES

Japanese Internet company SoftBank Group Corp., which is struggling to turn around Sprint in the U.S., reported Tuesday a 27 percent drop in profit for the fiscal year ended March 31, compared to the previous year. Tokyo-based SoftBank had a net profit of 558.2 billion yen ($5.1 billion) for the fiscal year through March 2016. It reported a 763.7 billion yen profit for the previous fiscal year. It didn’t give a forecast, citing many uncertain factors. It also did not break down quarterly results. Sales for the fiscal year that ended in March totaled 9.15 trillion yen ($84 billion), up nearly 8 percent on year. Although SoftBank’s mobile and broadband business in Japan is not lagging, it is not expected to grow in coming years, so the company is eyeing overseas growth. Overland Park,…

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