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We will provide a per-segment explanation on the factors behind the increases in operating profit in our financial results for the second quarter.
Regarding operating profit for the second quarter and the same quarter last fiscal year and indications in red under the Urban Development business and Property Management & Operation business segments, values in cases where transfers were not made to loss on COVID-19 impact (extraordinary loss) are indicated.
Overall, operating profit increased by 16.5 billion yen over the same quarter last fiscal year, or by 21.6 billion yen prior to transfers to loss on COVID-19 impact.
Looking at each segment, only the Urban Development business segment experience a decline in profit due to a decrease in the sale of commercial facilities and other assets. The other three segments posted in increase in profit.
For the Real Estate Agents business segment, in addition to greater bounce-back from the temporary closure of stores in operation and so forth caused by the impact of COVID-19 in the same quarter last year, the number of real estate sales agent transactions increased due largely to a brisk real estate transaction market and sales of major real estate properties were posted. These resulted in an increase in profit of 8.0 billion yen.
In the Property Management & Operation business segment, while the Wellness business and Tokyu Hands business in particular were impacted by COVID-19, said impact is limited relative to that in the same quarter last fiscal year. As such, both businesses experienced major increases in profit prior to transfer to loss on COVID-19 impact.
Overall segment operating profit increased by 6.1 billion yen year on year, or by 10.0 billion yen prior to transfer to loss on COVID-19 impact. We can therefore verify that the segment has recovered from that impact to a certain degree.
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