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The following is an overview of the results by segment. Urban development segment.
This segment was affected by the impact of the COVID-19 pandemic in the leased conference room business, which is included in commercial facilities and rental housing, etc. However, both revenue and profit increased due to the new start of operations at TOKYO PORTCITY TAKESHIBA, the infrastructure and industry business centered on renewable energy, which saw an increase in the number of properties in operation, and an increase in revenue from the sale of assets against the backdrop of an active trading market.
In the residential segment , sales activities were limited in the first quarter due to the closure of model rooms under a state of emergency declaration. Revenue and profit of condominiums for sale decreased slightly, despite restrictions on sales activities due to decrease in gross profit margin of condominiums and increase in sales expenses, etc. While revenue increased due to an increase in the number of units sold and other factors. In the COVID-19 pandemic, the market for condominiums for sale remained strong, mainly due to real demand.
Property management segment. This segment was also affected by a decline in construction orders and the suspension of some property management activities in the first quarter due to restrictions on sales activities during the declaration of a state of emergency. In the building property management business, while the start of large-scale property management in the previous fiscal year made a contribution, a decrease in construction orders and a reactionary decline from large-scale building construction in the previous fiscal year resulted in decreases in both revenues and profit.
The real estate agents segment was affected by the closure of stores during the declaration of the state of emergency and the shortening of business hours. Revenue and profit decreased due to a decline in the number of transactions in real-estate sales agent as a result of restrictions on sales activities, and a drop in reaction to the sale of highly profitable properties in the previous fiscal year in real estate sales.
As in the market for condominiums for sale, the market for used real estate sales has been strong, mainly due to real [estate] demand, and the recovery of the retail division in the real estate sales agent [area] has become clearer.
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