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Let me describe an overview of the results for the first six months of the fiscal year ending March 2011.
Operating revenue stood at ¥267.7 billion, an increase of ¥6.6 billion year on year. Operating income was ¥39.5 billion, rising ¥10.1 billion. Ordinary income was ¥36.0 billion, climbing
¥10.3 billion.
Operating revenue rose, reflecting increased revenues from condominium units sold. Operating income also increased, attributable partly to a sharp decline in the loss on valuation of inventories and assets held through SPCs.
As announced on September 28, the Company decided to spin off its golf course business and posted an impairment loss of ¥28.9 billion in the second quarter. As a result, net income declined to ¥2.2 billion.
As announced in a revision of results forecasts on September 28, operating revenue, operating income, and ordinary income exceeded the initial forecasts as a result of dividends that far exceeded the forecast through the sale of buildings by SPCs in which the Company invested. Net income was mostly on a par with the initial forecast because of the posting of the impairment loss associated with golf courses.
I will discuss the balance sheet later.
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