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Notice of Financial Results for the Fiscal Year Ended March 31, 2010 and Forecast for the Fiscal Year Ending March 31, 2011

Last updated：May 12, 2010

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

NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President: Masaki Mitsumura;) announced the consolidated financial results for the NTT Urban Development Group for the fiscal year ended March 31, 2010 (referring to the 25th business period, from April 1, 2009, to March 31, 2010). Please refer to the Overview of Operating Performance during the Fiscal Year Ended March 31, 2010, for details. The Company is also releasing forecasts of the operating performance for the fiscal year ending March 31, 2011.

Highlights

  • In the fiscal year ended March 31, 2010, consolidated net sales reached ¥149.2 billion, up 3.4% or an increase of ¥4.9 billion yen from the preceding year. Operating income was ¥16.1 billion, down 36.1% or a decrease of ¥9.1 billion, ordinary income was ¥10.2 billion, down 47.6% or a fall of ¥9.2 billion, and net income stood at ¥6.1 billion, down 61.7% or a decline of ¥9.8 billion.
  • In the Leasing Business segment, net sales were ¥98.0 billion, down 1.8% or a fall of ¥1.8 billion from the preceding year, and operating income stood at ¥31.5 billion, down 11.4% or a decline of ¥4.0 billion with an increase in sales from new properties including Otemachi 1-Chome Urban Area Redevelopment (first-phase) more than offset by the factors including declines in the rents of existing properties, an increase vacancies and the adverse effect of the sale of assets in the previous fiscal year.
  • In the Residential Property Sales Business segment, net sales stood at ¥41.6 billion, up 27.4% or a rise of ¥8.9 billion from the preceding year, reflecting rises in the number of condominium units delivered and revenue from the sale of land. However, an operating loss of ¥10.4 billion (an operating loss of ¥6.0 billion for the preceding year) was posted, attributable primarily to the posting of a loss on the revaluation of inventories in cost of sales.
  • For the fiscal year ending March 31, 2011, the Company forecasts lower sales but higher income with consolidated net sales of ¥141.0 billion, down 5.5% or a fall of ¥8.2 billion from the preceding year; operating income of ¥24.0 billion, up 48.8% or an increase of ¥7.8 billion; ordinary income of ¥18.0 billion, up 76.2% or a rise of ¥7.7 billion; and net income of ¥9.0 billion, up 47.1% or a climb of ¥2.8 billion.
  • NTT Urban Development Group will continue to closely monitor changes in the management environment in the future and will strive to achieve stable profits and to bolster its corporate value.

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