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Next, I will explain the Property Management segment.
The segment posted declines in both revenue and profit for the first quarter, reflecting the partial suspension of condominium construction and condominium management services due to the spread of the coronavirus, despite the contribution of redevelopment projects (Shibuya Solasta, Shibuya Fukuras and Shibuya Scramble Square Phaseâ… East Bldg.) around Shibuya Station in building management services.
In our full-year forecast, we project higher revenue but lower profit, reflecting expected decline in new construction orders due to the scaling back of sales activities and decline in management earnings as a result of the spread of coronavirus, despite the contribution of management income from large properties opened the previous fiscal year.
The contracting business, which was previously included in the Innovation Business segment, was transferred to the Property Management segment from the fiscal year ending March 31, 2021. The contracting business is included in Condominium Construction.
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