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We will continue with an explanation of an overview of each segment. We will begin with the Urban Development business segment.
For the third quarter, operating revenue came to 182.8 billion yen and operating profit to 33.7 billion yen, representing a decrease in revenues but an increase in profit over the same quarter in the previous fiscal year.
In our Urban Development Business, profit increased due largely to an increase in revenues from the sale of offices, commercial facilities and other assets in the brisk transaction market and the full-year operation of TOKYO PORTCITY TAKESHIBA. In the Residential Business, while the number of units increased amid a strong market for condominiums, profit decreased due largely to the decrease in revenues from the sale of rental housing and other assets.
For our full-year forecast, we forecast operating revenue of 335.0 billion yen and operating profit of 51.6 billion yen, representing increases in revenues and profit over the same quarter in the previous fiscal year.
For the Urban Development business, we forecast that profit will increase largely due to greater revenues from the sale of assets and the full-year operation of TOKYO PORTCITY TAKESHIBA. For the Residential business, we forecast that an increase in the total number of units sold of condominiums will cover the decrease in revenues from the sale of rental housing and other assets, etc.
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