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Let me now provide you with results of the Real Estate Sales segment for the fiscal year ended March 2014 and the forecast for the Residential segment for the fiscal year ending March 2015.
In the fiscal year ended March 2014, operating revenue rose ¥64 billion from the previous fiscal year, to ¥209.1 billion, and operating income increased ¥5.9 billion, to ¥12.5 billion.
The higher revenue and income were mainly attributable to sales of buildings and commercial facilities owned as inventory to a REIT and an increase in the revenues of country houses, such as Harvest Club Atami Izusan, in addition to the higher revenues of condominiums.
Compared with the forecast, operating revenue increased, thanks chiefly to an increase in the revenue of condominiums, but operating income declined, primarily due to the recording of a loss on valuation of inventory of ¥4.8 billion mainly related to country houses.
With respect to the forecast for the fiscal year ending March 2015, we expect operating revenue of ¥107.2 billion, down ¥34.6 billion from the previous fiscal year, and operating income of ¥7.4 billion, declining ¥4.2 billion year on year.
We anticipate lower revenue and income, given a decline in the number of condominium units sold and a fall in the number of properties in the central Tokyo area.
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