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Sprint's Parent Company SoftBank Sees Profits

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SoftBank (SFTBY) saw profits fall 27% for the fiscal year ended March 31, 2016 and 30% for the fourth quarter, as it struggled to turn around Sprint (S) .

The Tokyo-based telecom company reported a net profit of ¥558.2 billion ($5.1 billion) for the most recent fiscal year, compared with ¥763.7 billion profit in the previous fiscal year. The company did not give a forecast for the 2017 fiscal year.

Sprint's sales increased 1.9% in yen terms from a year ago and earnings rose by 50.6% to ¥983.26 billion.

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