Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mitsui Fudosan First-Quarter Profit Gains After Asset Sales

Don't Miss Out —
Follow us on:

Aug. 7 (Bloomberg) -- Mitsui Fudosan Co., Japan’s biggest developer by sales, said first-quarter profit rose 85 percent after the company booked a special gain of 8.8 billion yen from the sale of some assets.

Net income increased to 16.8 billion yen ($173 million) in the three months ended June 30 from 9.1 billion yen a year earlier, the company said in a statement distributed through the Tokyo Stock Exchange today. Sales rose 1.6 percent to 284.5 billion yen from same period a year ago.

Mitsui Fudosan’s competitor, Mitsubishi Estate Co., last week said profit rose 44 percent for the same period, citing an improvement in profitability of its residential business.

Operating profit for Mitsui Fudosan’s residential business fell to 334 million yen in the quarter from 2.7 billion yen in the same period last year. Operating profit for the leasing business was little changed at 27.4 billion yen, it said.

The Tokyo-based company kept its net income forecast unchanged at 65 billion yen for the year ending March 2014 on sales of 1.53 trillion yen, it said.

Mitsui Fudosan’s shares declined 4.5 percent to 3,090 yen at the close on the Tokyo Stock Exchange. The company announced its results after the market close.

To contact the reporter on this story: Kathleen Chu in Tokyo at kchu2@bloomberg.net

To contact the editor responsible for this story: Iain McDonald at imcdonald7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.