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Sumitomo Realty Profit Falls 16% on Slower Home Sales

Nov. 7 (Bloomberg) -- Sumitomo Realty & Development Co., Japan’s third-biggest developer, posted a 16 percent decline in first-half profit on a drop in home sales after the March 11 earthquake.

Net income fell to 23.3 billion yen ($298 million) for the six months ended Sept. 30 from 27.8 billion yen a year earlier, the Tokyo-based company said today in a statement through the stock exchange. Sales fell 18 percent to 307.6 billion yen.

Sumitomo Realty sold 37 percent less apartments, houses and land sites in the period, partly due to a disruption of business following the disaster, the company said. Bigger rivals Mitsui Fudosan Co. and Mitsubishi Estate Co. last week also posted falling profits on declining sales because of delays in completing residential projects.

Sumitomo Realty kept its full-year profit forecast at 52 billion yen for the year ending March 2012, on sales of 710 billion yen.

The shares dropped 1.3 percent to 1,603 yen at the 3 p.m. close on the Tokyo Stock Exchange, bringing their slide this year to 17 percent.

To contact the reporters on this story: Kathleen Chu in Tokyo at Kchu2@bloomberg.net; Katsuyo Kuwako in Tokyo at kkuwako@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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