Japanese software, networking and publishing giant Softbank Corp reported a 13% drop in consolidated pretax profit to 24.3 billion yen ($182.8m) for fiscal 1997, according to The Nihon Keizai Shimbun. That marks the first yearly decline in group profit since the company went public in 1994. The slide would have actually been 15%, but for the fact that Softbank changed its accounting method for foreign exchange rates. The poor showing is mainly being blamed on a slide in earnings at US memory-board manufacturing subsidiary, Kingston Technology, amid the general falloff in semiconductor prices. Group revenue grew 43% to 513.4 billion yen ($3.86bn) thanks mostly to strength in the company’s networking business. Group net profit amounted to 10.3 billion yen ($77.5m), a 13% increase due mainly to the resulting proceeds from the sales of 6.3 billion yen worth of securities. Figures were converted at a rate of 132.9 yen to the dollar.
