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I will now present the results for the Residential segment.
In the first six months of the fiscal year ending March 2017, both operating revenue and operating income declined.
This is attributed to the absence of revenue from the lump-sum sales of land, which was included in “Others” in the breakdown of operating revenue for the same period of fiscal 2015, in addition to a decrease in the number of condominium units sold.
In the forecast for the fiscal year ending March 2017, we expect a decline in operating revenue and an increase in operating income.
We anticipate a decline in revenue, partly attributable to a decrease in lump-sum sales of land. However, we anticipate higher income, despite a decline in the number of condominium units sold, which will be offset by an increase in the average price per unit and the improvement of gross margin attributed to an increase in properties in the high price range.
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