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Let me now provide you with a briefing on the Real Estate Sales segment
In the first six months of the fiscal year ending March 2012, operating revenue declined ¥26.8 billion year on year, to ¥32.8 billion, and operating income decreased ¥2.1 billion, to an operating loss of ¥0.4 billion.
Both revenues and income decreased, as the recorded number of condominium units sold declined, reflecting the delivery of large condominiums such as Futako Tamagawa Rise Tower & Residence in the first half of the previous fiscal year.
We also recorded a ¥2.2 billion loss on valuation of inventories centering on land and buildings for business use.
For the fiscal year ending March 2012, we forecast operating revenue of ¥119.8 billion, down ¥22.8 billion year on year, and operating income of ¥5.9 billion, up ¥7.6 billion, as shown in the lower table.
Although we expect that operating revenue will decline, mainly because of a fall in the recorded number of condominium units sold, operating income is expected to increase, given an improvement in the gross margin to around 16% and a significant fall in losses on the valuation of inventories.
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