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I'd like to begin by providing an overview of the financial results for the fiscal year ended March 31, 2011.
Operating revenue increased ¥19.4 billion from the previous fiscal year, to ¥571.4 billion, while operating income rose ¥27.0 billion year on year, to ¥62.5 billion. Ordinary income increased ¥26.7 billion, to ¥54.9 billion.
Operating revenue increased from the previous year, primarily due to higher revenues, reflecting an increase in the amount of condominium sales. Operating income also rose, attributable partly to a sharp decline in the loss on valuation of inventories and assets held through SPCs, and an improvement in the gross margin from condominiums.
The Company posted extraordinary income of ¥35.6 billion, including an impairment loss of ¥28.9 billion resulting from the spinoff of its golf course business. However, mainly reflecting a fall in tax-related expenses, net income rose ¥0.5 billion from the previous year, to ¥11.6 billion.
Although the Great East Japan Earthquake resulted in a ¥3.8 billion decline in operating revenue and a ¥1.9 billion fall in operating income, the Company managed to report results in line with the revised forecasts it announced in November 2010. |
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