Notice of Financial Results for the First Half of the Fiscal Year Ending March 31, 2010
Last updated：November 5, 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 half (from April 1, 2009 to September 30, 2009) of the fiscal year ending March 31, 2010 (referring to the 25th business period.) Please refer to the Overview of the First Half of the Fiscal Year Ending March 31, 2010 and the Summary of Financial Results for the First Half of the Fiscal Year Ending March 31, 2010.
Highlights
- In the first half of the fiscal year ending March 31, 2010, amid a severe business environment, consolidated net sales reached ¥67.6 billion, down \0.7 billion year on year. Operating income was ¥3.8 billion, down ¥14.2 billion, and ordinary income was ¥0.7 billion, down ¥14.6 billion. The net loss amounted to ¥6.1 billion, compared with a net income of ¥9.7 billion for the same period of the previous fiscal year. These results primarily reflected a decline in sales of both the Leasing Business segment and the Residential Property Sales Business segment, the posting of a loss on a revaluation of inventories from the Residential Property Sales Business segment, and the reversal of deferred tax assets.
- In the Leasing Business segment, both sales and income declined with net sales reaching ¥49.6 billion, down ¥0.1 billion year on year, and operating income of ¥16.7 billion, down ¥1.5 billion. This decline was primarily attributable to a rise in vacancies at existing properties and the effects of the sale of properties in the previous year, which outweighed higher sales from new properties in the Otemachi 1-chome Urban Area Redevelopment Project Type 1 and other projects.
- In the Residential Property Sales Business segment, both sales and income were down, with net sales amounting to ¥13.5 billion, down ¥0.4 billion year on year, and an operating loss of ¥10.7 billion, compared with an operating income of ¥1.7 billion for the same period in the previous year. This was the result of a decline in the unit sales prices of condominiums and the posting of a loss on a revaluation of inventories.
* Please refer to the "Notice of the Posting of Loss on a Revaluation of Inventories and the Revision of Forecast of the Business Results, etc." announced on November 5, 2009 for details of the revision to the forecast for the fiscal year ending March 31, 2010.
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