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I would like to begin by providing an overview of our financial results for the fiscal year ended March 2013.
Operating revenue rose ¥39 billion from the previous fiscal year, to ¥595.9 billion, and operating income increased ¥1.9 billion, to ¥52 billion. Ordinary income stood at ¥39.9 billion, up ¥5 billion from the previous fiscal year.
Activia Properties Inc. whose investment targets were commercial facilities and office buildings, and Comforia Residential REIT, Inc. whose investments targets are rental residences, were listed on the Tokyo Stock Exchange in June 2012 and in February 2013, respectively.
Following the listing of Activia Properties Inc. in June 2012, part of the commercial facilities and office building owned by the Company and its consolidated subsidiaries was transferred to the REIT.
As a result, operating revenue increased on the back of higher sales in the Real Estate Sales segment, and operating income rose, mainly reflecting a strong performance in the real-estate sales agent business in the Real Estate Agents segment.
Net income decreased ¥12.1 billion from the previous fiscal year, to ¥22.1 billion, mainly the result of the absence of extraordinary income from the consolidation of SPCs recorded in the previous fiscal year and an increase in tax expenses.
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