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We will continue with an explanation of an overview of each segment.
We will begin with the Urban Development business segment.
For the second quarter, operating revenue came to 106.4 billion yen and operating profit to 21.4 billion yen, representing decreases in both revenues and profit over the same quarter last year.
In the Urban Development business, although revenues from the sale of office buildings, commercial facilities and other assets declined, profit increased largely due to the full-year operation of Tokyo PortCity Takeshiba and lesser impact of COVID-19 on commercial facilities.
In the Residential business, while the number of units sold, particularly those of completed inventory as of the beginning of the year, increased amid a strong market for condominiums, profit decreased due largely to the decrease in revenues from the sale of rental housing and other assets.
For our full-year forecast, we forecast operating revenue of 335.0 billion yen and operating profit of 51.6 billion yen, representing increases in both revenues and profit over the same quarter last year.
For the Urban Development business, we forecast that profit will increase largely due to greater revenues from the sale of assets and the full-year operation of Tokyo PortCity Takeshiba. For the Residential business, we forecast that an increase in the total number of units sold of condominiums will cover the decrease in revenues from the sale of rental housing and other assets.
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