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Before providing an overview of our financial results for the first six months of the fiscal year ending March 31, 2014, I would like to explain Tokyu Fudosan Holdings Corporation's approach to its full-year consolidated financial results.
Tokyu Fudosan Holdings Corporation was established as the overall parent company of three companies; i.e., Tokyu Land Corporation, Tokyu Community Corporation, and Tokyu Livable Inc. However, there has been no substantial change to the previous scope of consolidation of Tokyu Land Corporation, so the full-year consolidated financial results of Tokyu Fudosan Holdings for the fiscal year ending March 31, 2014 will be calculated based on the traditional consolidated financial results of Tokyu Land Corporation.
Now I would like to provide an overview of the financial results of Tokyu Land Corporation for the first six months of the fiscal year ending March 31, 2014.
Operating revenue increased ¥7.6 billion year on year, to ¥294.1 billion, while operating income rose ¥2.2 billion year on year, to ¥25.2 billion. Ordinary income stood at ¥20.1 billion, up ¥3.5 billion year on year.
Both revenue and income increased, partly due to the inclusion of United Communities Co., Ltd. under consolidated subsidiaries as a result of Tokyu Community's acquiring shares in United Communities, and the favorable results of sales agency operations in Real Estate Agents.
Net income declined ¥5.1 billion year on year, to ¥9.1 billion, partly reflecting the recording of extraordinary income from sales to a REIT in the previous fiscal year.
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