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Notice of Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2012

February 3, 2012

NTT Urban Development Corporation
(First Section of the Tokyo Stock Exchange:8933)

NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Masaki Mitsumura) announced the consolidated financial results for the NTT Urban Development Group (the Group) for the third quarter (from April 1, 2011 to December 31, 2011) of the fiscal year ending March 31, 2012 (referring the 27th business period.)　Please refer to Presentation Material for the 3rd Quarter of FY 2011 and Revised forecast for the Fiscal year and Summary of Financial Statements for the 3rd Quarter of FY 2011.
In addition, the Group announced Revisions to Consolidated Earnings Forecast of the Fiscal Year Ending March 31, 2012. Please refer to Notice of Reverse of Deferred Tax Liabilities, etc. and Revisions to Consolidated Earnings Forecast.

Highlights

  • In the third quarter of the fiscal year ending March 31, 2012, consolidated operating revenue reached ¥95.5 billion, a decline of ¥8.9 billion year on year. Operating income was ¥20.2 billion, falling ¥0.9 billion, and ordinary income was ¥15.7 billion, declining ¥1.1 billion. Net income stood at ¥14.2 billion, an increase of ¥5.1 billion.
  • In the Leasing Business segment, operating revenue reached ¥68.3 billion, falling ¥1.3 billion year on year and operating income stood at ¥22.0 billion, a decrease of ¥0.9 billion, due primarily to revenue including rent from new properties such as Kyoto-shi, Osaka-shi and Fukuoka-shi more than offset by falls in rents of pre-existing properties and other factors.
  • In the Residential Property Sales Business segment, operating revenue amounted to ¥15.2 billion, a decrease of ¥11.7 billion year on year and operating income was ¥0.8 billion, a decrease of ¥1.2 billion, primarily reflecting a fall in the number of condominiums delivered.
  • Net income was ¥14.2 billion (up ¥5.1 billion), as income after subtracting minority interests increased ¥5.8 billion as a result of posting minus ¥8.3 billion as income taxes-deferred (credit side) by reversing a portion of deferred tax assets and deferred tax liabilities in light of the change in the corporate tax rate.

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