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Now, I would like to provide an overview of results by segment.
For the Urban Development segment, please turn to page 5.
As shown in the results for the first quarter, shown in the upper part, revenue decreased. This was due to a decline in revenue on the sale of properties, including buildings for investors, despite contributions from new properties including Shibuya Solasta. On the other hand, operating profit increased, reflecting the likewise contributions from new properties as well as an increase in profit on sales of properties, including buildings for investors.
With respect to profit on the sale of buildings for investors and other properties, operating revenue were 7.9 billion yen and operating profit was 1.7 billion yen in the first three months. Operating revenue and operating profit for the same period of the previous year were 11.6 billion yen and 1.3 billion yen, respectively.
As indicated in the lower part, the full-year forecasts include the commencement of operation by new properties such as Shibuya Solasta. That said, we project that revenue will decrease but profit will increase mainly due to the recognition of lost profit on properties sold in the previous fiscal year and a fall in revenue on the sale of properties, including buildings for investors.
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