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Mitsui Fudosan Rises to Highest Since March 2011: Tokyo Mover

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Nov. 2 (Bloomberg) -- Mitsui Fudosan Co., Japan’s biggest developer by sales, rose to the highest since March 2011 after saying fiscal first-half profit gained 62 percent after opening two shopping centers in Tokyo and as home sales improved.

The shares gained 3.9 percent to 1,717 yen at the close in Tokyo, the highest since March 1, 2011.

Net income gained to 26.9 billion yen ($336 million) in the six months ended Sept. 30 from 16.6 billion yen a year earlier, the Tokyo-based developer said yesterday after the market close. Sales rose 7.4 percent to 615.7 billion yen from the same period a year ago, it said.

“Mitsui Fudosan’s first-half results indicate that profitability is improving,” said Masahiro Mochizuki, an analyst at Credit Suisse Group AG, in a report yesterday. “We expect the property sales segment profits to rise on greater contributions from condo sales and sales to investors.”

Mitsui Fudosan’s leasing profit gained 11 percent after the opening of Mitsui Outlet Park Kisarazu and DiverCity, both located in Tokyo Bay. The developer’s home sales business had a profit of 6.8 billion yen for the period, compared with a loss of 790 million for the same period a year earlier.

Mitsui Fudosan, which increased its profit for the first time in three years last fiscal year, is expecting profit to rise 9.7 percent in the current year ending March 2013.

To contact the reporters on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net; Marco Lui in Tokyo at mlui11@bloomberg.net

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