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First, I will explain the financial highlights. In the second quarter of the fiscal year ending March 31, 2020, operating revenue and operating profit came to ¥412.5 billion and ¥31.7 billion, respectively. Profit decreased mainly due to a decline in revenue on sales of buildings for investors in the Urban Development segment, despite a rise in revenue mainly in the Residential, Property Management and Real Estate Agents segments. However, with the delivery of condominiums and sale of properties tends to be concentrated in the fourth quarter, steady progress was made against the full-year forecasts.
In terms of the budget for the fiscal year ending March 31, 2020, we project increases in both revenue and profit, with operating revenue, operating profit and profit rising to ¥930.0 yen, ¥82.0 billion and ¥39.0 billion, respectively. We have revised operating revenue upward by ¥10.0 billion from the initial forecast announced in May.
In addition, with respect to return to shareholders, based on our policy of continuing and maintaining stable dividends and a payout ratio at 25% or more, we plan to increase dividends for the seventh consecutive year, with the annual dividend per share rising to 16.0 yen.
The following are major topics for the current fiscal year.
Steady progress in being made in the Medium-Term Management Plan that was reviewed in consideration of recent strong marketing conditions.
Secondly, Shibuya Solasta and Shibuya Fukuras were completed sequentially and construction started in October under the Shibuya Sakuragaoka Block Redevelopment Plan.
Thirdly, regarding the renewable energy business, in which investment had been made under the current Medium-Term Management Plan, the investment balance exceeded 100 billion yen, reflecting steady progress.
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