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Notice of Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2011

Last updated：August 4, 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 (the Group) for the first quarter (from April 1, 2010 to June 30, 2010) of the fiscal year ending March 31, 2011 (referring the 26th business period.)　Please refer to the Overview of the First Quarter of the Fiscal Year Ending March 31, 2011.

Highlights

  • In the first quarter of the fiscal year ending March 31, 2011, consolidated net sales reached ¥31.9 billion, a decline of ¥0.6 billion year on year. Operating income was ¥6.9 billion, falling ¥0.2 billion, and ordinary income was ¥5.7 billion, declining ¥53 million. Net income stood at ¥2.7 billion, a decline of ¥0.5 billion.
  • In the Leasing Business segment, net sales reached ¥23.0 billion, falling ¥1.6 billion year on year, and operating income stood at ¥7.4 billion, a decrease of ¥0.8 billion. The addition of rental income from new properties in the Otemachi 1-chome Urban Area Redevelopment Project Type 1 and other projects was offset by the effect of lower rents from existing properties, and the impact of last year’s sale of properties.
  • 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.
  • In the Residential Property Sales Business segment, net sales amounted to ¥7.1 billion, an increase of ¥1.1 billion year on year, and operating income was ¥0.9 billion, compared with an operating loss of ¥22 million yen for the first quarter of the previous year. These results mainly reflected the posting of revenues from the sale of land and condominium building, offsetting lower condominium unit delivered.

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