Notice of Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2010
Last updated:August 4, 2009
NTT Urban Development Corporation
(First Section of the Tokyo Stock Exchange: 8933)
NTT Urban Development Corporation (the Company; President: Masaki Mitsumura; head office: 14-1, Sotokanda 4-chome, Chiyoda-ku, Tokyo) announced the consolidated financial results for the NTT Urban Development Group (the Group) for the first quarter (from April 1, 2009 to June 30, 2009) of the fiscal year ending March 31, 2010 (referring the 25th business period.)
Highlights
- In the first quarter of the fiscal year ending March 31, 2010, consolidated net sales reached \32.5 billion, an increase of \2.8 billion year on year. Operating income was \7.2 billion, a decline of \1.6 billion, and ordinary income was \5.7 billion, a fall of \1.8 billion. Net income stood at \3.3 billion, a decrease of \1.0 billion.
- In the Leasing Business segment, net sales reached \24.6 billion, rising \100 million year on year, and operating income stood at \8.3 billion, falling \900 million. Key factors included the addition of rent income from new properties in the Otemachi 1-chome Urban Area Redevelopment Project Type 1 and other projects, the effect of last year's sale of properties, and the posting of expenses associated with the completion of new properties.
- In the Residential Property Sales Business segment, net sales amounted to \5.9 billion, an increase of \2.4 billion, thanks to the posting of revenues from condominiums and land sales. Meanwhile, the operating loss was \22 million compared with operating income of \400 million yen for the first quarter of the previous year. This was a result of a decrease in the number of highly profitable properties compared with the first quarter of the previous year.
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