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I would now like to provide an explanation of the Wellness segment.
We recorded ¥94.4 billion in operating revenue (up ¥4.2 billion year on year) and ¥7.6 billion in operating profit (up ¥1.2 billion) in the fiscal year ended March 31, 2017.
Both revenues and profit increased, due in part to higher revenues at Tokyu Stay urban style hotels, where there was a rise in the average daily rate. In addition, in sales of country houses and memberships, there was an increase in membership registration revenue, which is attributed to sales of membership of Tokyu Harvestclub Karuizawa & VIALA, and also operating revenue from country house land sales.
For the fiscal year ending March 31, 2018, we expect operating revenue growth of ¥4.4 billion, to ¥98.8 billion, with operating profit of ¥5.7 billion, down ¥1.8 billion on a year-on-year basis.
The higher revenue forecast reflects contributions from the existing ski and other resort facilities being renovated and new facilities becoming operational for senior housing and Tokyu Stay hotels. Meanwhile, operating profit is expected to decline due to a backlash following a spike in revenues associated with the country house land sales and sales of resort facility membership in the preceding fiscal year.
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