Mitsui Fudosan Co., Japan’s largest property developer by sales, said net income rose 69 percent after selling more homes and new shopping malls and office property boosted leasing revenue.
Net income gained to 47 billion yen ($501 million) for the nine months ended Dec. 31 from 27.8 billion yen a year ago, the Tokyo-based company said in a statement to the stock exchange today. Sales increased 6.1 percent to 944.8 billion yen.
Mitsui Fudosan is expecting its full-year profit to rise for the first time in four years as home sales improve and new shopping malls such as Mitsui Outlet Park Kisarazu and DiverCity opened during the nine-month period, contributing to leasing revenue. The company sold 16 percent more apartments and houses in the period, it said in the statement.
Mitsui Fudosan’s residential business had an operating profit of 11.6 billion yen for the period, compared with a loss of 267 million for the same period a year earlier. Operating profit for the company’s leasing business, which accounts for more than half of its net income, rose 10 percent to 81.8 billion yen in the nine months.
For the full year, Mitsui Fudosan reiterated its net income forecast of 55 billion yen on revenue of 1.46 trillion yen.
Mitsui Fudosan’s shares rose 3.8 percent to 2,034 yen at the close of trading in Tokyo, completing its biggest gain since Nov. 15. The company reported earnings after the market closed.