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I would now like to brief you on the Real Estate Sales segment. In the first six months of the fiscal year ending March 31, 2014, operating revenue decreased by ¥11.1 billion year on year, to ¥57.9 billion, while operating income climbed by ¥0.3 billion, to ¥2.9 billion.
Revenue declined, primarily due to the sale to a REIT of office buildings and commercial facilities owned as inventory in the previous fiscal year. Income increased, however, mainly reflecting an increase in condominium sales.
With respect to the forecast for the fiscal year ending March 31, 2014, in the lower column, we expect operating revenue of ¥200.7 billion, up ¥55.5 billion from the previous fiscal year, and operating income of ¥14.7 billion, up ¥8.1 billion year on year.
We project higher revenue and income, mainly reflecting a decline in the loss on valuation of inventory, in addition to an increase in revenue from the sale of condominiums and other factors.
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