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We will begin with the Urban Development business segment.
Operating revenue was 78.0 billion yen and operating profit was 14.6 billion yen, representing
year-on-year decreases in both revenues and profit. The urban business posted lower profit due to
factors such as a decrease in sales of assets, while the residential business posted higher profit,
thanks partly to an increase in the number of units sold, despite a decrease in sales of assets.
In our full-year forecast, we expect both revenues and profit to increase year on year, as shown in
the table at the bottom of the slide.
The urban business is expected to post higher profits due to operation of new properties and an
increase in sales of assets, while the residential business is expected to post lower profits due to
a decrease in sales of assets.
Although earnings fluctuate depending on the increase or decrease in asset sales, both the leasing
business and the residential sales business are performing well.
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