TOKYO (Reuters) – Japan’s SoftBank Group Corp reported a 60 percent rise in quarterly operating profit on Wednesday, buoyed by rising valuations of its technology investments.

SoftBank’s operating profit in the October-December quarter was 438.3 billion yen ($3.99 billion) versus 274 billion yen a year earlier. The year-earlier figure used previous accounting standards.

The result compares with a 225 billion yen average estimate of three analysts polled by Refinitiv that gives a higher weighting to top-rated analysts.

The technology and telecoms conglomerate did not release a forecast for the current business year, saying there were too many uncertain factors.