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Next, I will explain the Residential segment.
During the first quarter, the segment posted higher revenue due to an increase in land sales which are included in the “Other” component of Operating Revenue. However, profit decreased due to fewer sales of rental houses.
In our full-year forecast, we expect the number of condominium units sold to be mostly unchanged from the previous fiscal year but project that revenue will fall mainly due to decline in land sales.
In addition, we expect the gross profit margin on condominium units to be lower, leading to a fall in profit.
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