Sumitomo R&D Posts Small Beat for Fiscal Year 2017 Results on Slightly Higher margin, FVE Unchanged
For fiscal year 2017, Sumitomo Realty & Development, or SRD, reported record results with net profit increasing 16% to JPY 120 billion, slightly above our estimate of JPY 115 billion and in line with the consensus estimate. Revenue was broadly in line at 948.4 billion, up 3% year on year. The increase in profit was supported by improving operating margin, lowered interest expenses, and smaller allocation to minority interests. The company declared dividends of JPY 27 per share for the fiscal...Sumitomo Realty & Development is mainly engaged in the real estate business. Co.'s principal business segments are real estate leasing, real estate sale, construction, brokerage, and others. It is engaged in the development, direct leasing and management of office buildings and condominiums, the sublease of properties leased from special purpose companies, the provision of hotel business and the operation of event halls and conference rooms; the development and sale of condominiums, buildings, detached houses, housing land and other properties; the construction and remodeling of houses; the brokerage and sale of real estate; and the operation of fitness clubs and restaurants.
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