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Let us take a look at the Urban Development business segment.
For the Second Quarter, operating revenue came to 135.7 billion yen and operating profit to 20.4 billion yen, representing an increase in revenues but a decrease in profit over the same quarter last year.
Urban Development business saw a decrease in profit due largely to the decrease in sales of assets and lost profits from properties sold last year.
Residential business saw an increase in profit due largely to the increase in the number of condominium units sold and the increase in the sales of assets.
For our full-year forecast, we are projecting operating revenue of 348.0 billion yen and operating profit of 51.3 billion yen, representing an increase in revenues but a decrease in profit from the previous year.
For the Urban Development business, we expect an increase in profit largely due to the increase in sales of assets. Conversely, the Residential business is expected to experience a decline in profit due largely to a decrease in the number of units sold of condominiums accompanying a decrease in the number of condominiums completed.
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