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For the second quarter of the fiscal year ending March 31, 2018, operating revenue was ¥408 billion and operating profit was ¥35 billion.
In the Urban Development segment, both revenue and profit increased, mainly due to increased sales of condominiums in the Residential segment and the strong performance of the real-estate agents business as well as increased revenue from sales of properties including buildings for investors.
For the fiscal year ending March 31, 2018, the estimated operating revenue is ¥840 billion and the estimated operating profit is ¥73.5 billion.
Against a background of steady market conditions, both revenue and profit are expected to increase. The progress is judged as planned.
As for returns to shareholders, under the policy for returns according to which stable dividends shall be continued and maintained and the payout ratio is 25% or more, a dividend increase is planned for the fifth consecutive fiscal years (¥14.5 annually).
The topics are the steady progress of construction work for the opening in FY2019 of the Shibuya redevelopment 2 projects in Dogenzaka 1-chome/Nampeidai, the large-scale project that the Company is conducting and the steady progress of leasing against the background of brisk demand in the Shibuya area.
The leasing of the office area of the Dogenzaka 1-chome project has been completed. 75% of the Nampeidai project has been unofficially decided.
Investment is focused on the expansion of the field of the cyclical reinvestment business according to the policy of the medium-term management plan announced in May. In August, a capital and business alliance was entered into with the developer of the renewable energy business, Renewable Japan Co., Ltd. Joint development for about 250MW of the right to the renewable energy business that Renewable Japan Co., Ltd. holds was decided. Investment in the renewable energy business, especially solar power generation, advanced.
In addition, as a part of the strategy for strengthening the utilization of stocks under the medium-term management plan, the functions of the Tokyu Community in the Property Management segment and the functions of the renovation business of Tokyu Homes in the Innovation Business segment were integrated into Tokyu Re· design Corporation, which was newly established in the Property Management segment. The functions and human resources dispersed within the group shall be consolidated to proceed with the business that grasps the environmental change from the flow-type society to the stock-type society.
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