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Notice of Financial Results for the First Half of the Fiscal Year Ending in March 2007 and Revision of Forecast for the Full Fiscal Year

Last updated：November 1, 2006

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Today, NTT Urban Development Corporation announced the results of the consolidated financial results for the NTT Urban Development Group for the first half of the fiscal year ending in March 2007 (its 22nd fiscal period)—the period from April 1, 2006, to September 30, 2006. In addition, the Company also announced the upward revision of its forecast for the full fiscal year ending in March 2007.

Highlights

  • During the first half of the fiscal year ending in March 2007, the NTT Urban Development Group posted consolidated net sales of ¥55,733 million, up 21.3% compared with the corresponding period of the preceding fiscal year. Operating income was ¥11,467 million (up 19.9%), recurring income was ¥10,610 million (up 29.3%), and net income was ¥6,239 million (up 59.6%).
  • In the Leasing Business segment, increased operation of new buildings and increased rented floor space at existing buildings pushed up earnings, resulting in revenue and profit increases. In this segment, sales were ¥42,330 million (up 11.2%), and operating income amounted to ¥11,540 million (up 10.0%).
  • In the Residential Property Sales Business segment, an increase in the transfer of residences at such properties as "Wellith Garden Chiba Minato Koen" and "Tanta Town Albo no Oka" caused a 110.1% increase in sales, to ¥7,816 million. Operating income in this segment likewise surged 163.5%, to ¥1,126 million.
  • The forecast for the full fiscal year ending in March 2007 was revised to net sales of ¥127.0 billion (up ¥4.0 billion from our initial projections), operating income of ¥24.3 billion (up ¥0.8 billion), recurring income of ¥22.3 billion (up ¥0.8 billion) and net income of ¥12.4 billion (up ¥0.4 billion). These revisions of company forecasts are all targeted to renew historic high numbers.
  • New and strengthened measures include (1)the establishment of a property management subsidiary company in western Japan and an expansion in fee businesses through promotion of the fund business; (2) strengthened involvement in real estate solutions for the NTT Group, increased development of rental condominiums and plans to hire new graduates in fiscal 2007.
    These measures will be put into action to strengthen the company formation, in view of the next medium-term plan.