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Notice of Financial Results for the First Half of the Fiscal Year Ending March 31, 2009 and Revision of Forecast for the Full Fiscal Year

Last updated:November 4, 2008

Today, NTT Urban Development Corporation (the Company; President: Masaki Mitsumura; head office: 14-1, Sotokanda 4-chome, Chiyoda-ku, Tokyo) announced the consolidated financial results for the NTT Urban Development Group (the Group) for the period from April 1, 2008 to September 30, 2008, being the first half of the fiscal year ending March 2009 (its 24th fiscal period). Please refer to the Overview of the First-half of the Fiscal Year Ending March 31, 2009 (FY 2008), and the Summary of Financial Statements (Consolidated) for the First Half of the Fiscal Year Ending March 2009 for details.
In addition, in light of recent changes in the business environment, the Company announced the revision of its forecast for the full fiscal year ending March 2009, which was originally announced on May 8, 2008.

Highlights

  • During the first half of the fiscal year ending March 2009, the Group posted consolidated net sales of ¥68,372 million, an increase of ¥11,767 million compared with the corresponding period of the preceding fiscal year. Operating income was ¥18,146 million (up ¥7,090 million), ordinary income was ¥15,384 million (up ¥5,414 million), and net income was ¥9,713 million (up ¥3,727 million).
  • In the Leasing business segment, as a result of the Company making UDX Tokutei Mokuteki Kaisha (Special Purpose Company) its consolidated subsidiary, acquiring rents from new buildings and increasing the rents for existing buildings r, sales were ¥49,756 million (up ¥5,507 million), and operating income amounted to ¥18,347 million (up ¥6,166 million).
  • In the Residential Property Sales business segment, as a result of increased deliveries of condominiums with high income margins, sales amounted to ¥13,944 million (up ¥5,953 million), and operating income stood at ¥1,731 million (up ¥1,287 million).
  • The forecast for the full fiscal year ending March 2009 was revised downwards to net sales of ¥146 billion (down ¥1 billion from initial projections), operating income of ¥31 billion (down ¥3.5 billion), and ordinary income of ¥25 billion (down ¥3.5 billion). Net income was revised upwards to ¥15.5 billion yen, an increase of ¥0.5 billion. The main reasons for the above revision were longer sales periods for condominiums as a result of the stagnant real estate market, and higher sales promotion expenses. Net income incorporated extraordinary income from asset reshuffle, which is designed to bolster the Company's financial soundness and asset portfolio.
  • The Group will continue to closely monitor changes in the business environment going forward, and will improve corporate value by maintaining and bolstering steady growth bases.

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