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Let’s take a look at the Urban Development business segment.
Operating revenue came to 70.0 billion yen and operating profit to 11.2 billion yen, representing increases in both revenues and profit over the same quarter in the previous fiscal year.
In our Urban Development business, profit decreased due largely to a reactionary fall from transfers to extraordinary losses accompanying the temporary closure of commercial facilities and so forth in the same quarter of the previous fiscal year, and loss of profit from properties sold in the previous fiscal year.
The Residential business experienced an increase in profit owing mainly to an increase in the total number of units sold of condominiums.
Regarding the full-year forecast, we expect an increase in revenues but a decrease in profit year on year, as shown in the lower column.
For the Urban Development business, we are forecasting an increase in profit largely due to greater revenues from the sale of assets, while the Residential business is likely to experience a decline in profit due to a decrease in the number of units sold of condominiums accompanying a decrease in the number of condominiums completed.
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