By Kiyoshi Takenaka

TOKYO (Reuters) – Japan’s SoftBank Group Corp reported its first quarterly profit in three quarters, buoyed by the sale of part of its stake in China’s Alibaba even as its huge Vision Fund posted another heavy quarterly loss .

The sprawling Vision Fund, which has turned the tech world upside down with its big bets on startups, will also cut its investments in struggling crypto exchange FTX to zero, a source close to SoftBank said, adding that they were less than $100 million.

The FTX complications mark the latest struggle for Vision Fund, which has been hammered in recent quarters by a global tech rout, prompting SoftBank chief executive Masayoshi Son to drastically cut new investments.

Flagship unit Vision Fund’s investment losses amounted to 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to decline.

Son told a briefing that this would be the last time he would speak at a post-benefit briefing for “the foreseeable future”, adding that he had no health issues. SoftBank itself is synonymous with Son, which, with its bold bets on everything from Chinese tech to startups like WeWork, has charted a path far different than any other Japanese company.

At SoftBank itself, net profit was 3.03 trillion yen in the second quarter from July to September. In the first quarter, the group had recorded a loss of 3.16 trillion yen.

Days after disclosing the massive first-quarter loss, SoftBank said it would trim its stake in Alibaba Group Holdings to around 15% from around 24% by settling prepaid futures and post an estimated $4.6 trillion gain. of yen in the second quarter.

Over the past quarter, the value of some of SoftBank’s listed investments has fallen, including its stakes in U.S. real estate brokerage Compass and Indonesia’s largest tech company GoTo, while South Korean e-commerce firm Coupang was among winners.

($1 = 141.5400 yen)

(Reporting by Kiyoshi Takenaka; Editing by David Dolan and Bradley Perrett)