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Here are the highlights:
For the third quarter, the company reported operating profit of 75.4 billion yen and net profit attributable to owners of the parent of 45.5 billion yen, an increase in both revenues and profit compared to the same period last year.
This was mainly due to strong performance in asset sales and brokerage sales, as well as in the hotel business due to a recovery in domestic and inbound demand.
Next, we would like to discuss the progress of the medium-term management plan 2025.
We are within reach of our targets for fiscal year ending March 2026 set forth in medium-term management plan 2025 Given this, we have brough forward the start of the next medium-term plan by one year, to fiscal year ending march 2026.
Next, we would like to discuss the decision to sell a portion of our interest in the Shibuya Sakura Stage (Shibuya Station Sakuragaoka Block Redevelopment Project), which was completed in November 2023.
Today, February 8, we decided to sell the equivalent of a 49% co-ownership interest in the condominium interests of the office portion of SHIBUYA Tower. The gain from the sale will be recorded in the fiscal years ending March 31, 2025 and 2026, and as part of the “co-creation with partners” business policy outlined in the long-term management policy, the sale was implemented from the perspective of e expanding the assets involved and increasing efficiency through leveraging other parties’ capital.
Lastly, Japan Credit Rating Agency, Ltd. (JCR) has changed its outlook on our long-term issuer rating.
While working on structural reforms in businesses that need to be restructured, the outlook on the rating was revised to from A (Stable) to A (Positive). as improved performance, cash flow, and financial structures were recognized, along with the enhancement of consistent revenue sources, such as the office building leasing and renewable energy businesses.
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