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Mitsui Fudosan Profit Rises 40 Percent on Leasing Income

Mitsui Fudosan Co., Japan’s biggest developer, said first-quarter profit rose 40 percent after the opening of two shopping centers in Tokyo.

Net income gained to 9.07 billion yen ($116 million) in the three months ended June 30 from 6.47 billion yen a year earlier, the company said in a statement distributed through the Tokyo Stock Exchange today. Sales rose 0.3 percent to 279.9 billion yen from same period a year ago.

Mitsui Fudosan’s leasing profit gained 13 percent after Mitsui Outlet Park Kisarazu and DiverCity, both located in Tokyo Bay, opened in April and started contributing to the company’s revenue. The Tokyo-based developer also consolidated profits from special purpose companies, including its Tokyo Midtown commercial, office and residential complex in the Roppongi entertainment district.

“The visitors to the two shopping centers were better than our expectation,” said Hiroshi Asai, the company’s executive managing officer, said at a press conference in Tokyo today.

Mitsui Fudosan’s shares declined 0.5 percent to 1,519 yen at the close on the Tokyo Stock Exchange. The company announced its results after the market close.

Operating profit for the company’s leasing business rose to 27.4 billion yen in the quarter from 24.3 billion yen in the same period last year. Operating profit for the residential business fell 18 percent to 2.7 billion yen as it shifted apartment sales to the second quarter, it said.

Its competitor Mitsubishi Estate Co. yesterday said it more than doubled its profit for the same period, citing stronger home sales.

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