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I will now provide you with an overview of each segment. First is the Urban Development segment.
Revenue declined in the fiscal year ended March 31, 2019, largely due to lost profit on properties sold in the previous fiscal year and a fall in revenue from the sale of properties, including buildings for investors, despite the start of new projects and some improvements in the revenue from existing properties. Profit decreased, partly due to lost profit on properties sold in the previous fiscal year despite an increase in profit on the sale of properties such as buildings for investors.
We forecast that revenue will decrease but profit will increase in the fiscal year ending March 31, 2020, primarily as a result of the lost profit on properties sold in the previous fiscal year and a fall in revenue from the sale of properties, including buildings for investors, despite the start of new projects such as Shibuya Solasta.
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