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Sumitomo Realty Nine-Month Profit Rises 25% on Higher Home Sales

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Feb. 13 (Bloomberg) -- Sumitomo Realty & Development Co., Japan’s third-largest developer, said nine-month profit rose 25 percent as it sold more homes.

Net income gained to 62.8 billion yen ($615 million) for the period ended Dec. 31, compared with 50.3 billion yen profit a year ago, the Tokyo-based company said in a statement through the stock exchange today. Sales gained 14 percent to 580 billion yen.

Sumitomo Realty is benefiting from an increase in demand for housing ahead of the government’s plan to raise consumption tax to 8 percent from 5 percent in April. Operating profit for the company’s home-sales business rose 25 percent to 35 billion yen in the reporting period.

For the full year, Sumitomo Realty reiterated its net income forecast of 68 billion yen on revenue of 760 billion yen.

Sumitomo Realty’s shares fell 3 percent to 4,389 yen as of 2:44 p.m. in Tokyo. The stock has fallen 16 percent this year.

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

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