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Notice of Financial Results for the 1st Quarter of FY 2015

July 31, 2015

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: Sadao Maki) announced the consolidated financial results for the NTT Urban Development Group for the 1st quarter of FY 2015 (referring to the 31st business period from April 1, 2015 to June 30, 2015). Please refer to Presentation Material for the 1st Quarter of FY 2015 and the Summary of Financial Statements for the 1st Quarter of FY 2015

Highlights

  • For the 1st quarter of FY 2015 operating revenue reached ¥26.6 billion, a decrease of ¥9.5 billion compared with the same period of the previous fiscal year. Operating income was ¥3.9 billion, a decrease of ¥2.3 billion, ordinary income was ¥3.1 billion, a decline of ¥2.1 billion, and profit*1 was ¥2.5 billion, a decrease of ¥1.3 billion. Profit attributable to owners of parent*1 was ¥2.1 billion, a decrease of ¥1.3 billion. Results were mostly in line with the full-year forecasts in terms of progress.
  • In Leasing Business, operating revenue was ¥21.0 billion, equal in value to year-on-year. Operating income was ¥4.9 billion, decrease of ¥0.9 billion year-on-year, with reflecting the increased cost of Shinagawa Season Terrace etc., though helped significantly by the improved vacancy rate*2 in the last fiscal year.
  • In Residential Business, operating revenue was ¥3.0 billion, a decrease of ¥9.7 billion compared with the same period of the previous fiscal year, and operating income was ¥0.1 billion, a decrease of ¥1.3 billion, reflecting a decline in the number of condominium units delivered and average sales price per unit compared to the same period of the last fiscal year.

*1: The company have adopted “Revised Accounting Standard for Business Combination”, etc. and changed some account titles from the three months ended June 30, 2015 accordingly.
*2: Excluding Shinagawa Season Terrace

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