Mitsui Fudosan Falls Short on Guidance Achievement Rate but We Expect Strong 4Q
Mitsui Fudosan reported somewhat lackluster results for the October-December quarter, achieving only 63% of its operating profit guidance of JPY 250 billion and net profit guidance of JPY 163 billion for the fiscal year ending March 2019 in the first three quarters. Annualized ROE for the quarter was 6.0%, compared with 7.4% last fiscal year. Although its leasing segment through the third quarter has achieved 78% of guidance for full-year operating profit due to upward revision of rents from exi...Mitsui Fudosan is a real estate group based in Japan. Co.'s operations are organized along five segments: Leasing (leases office buildings, commercial facilities and housing); Property Sales (distributes housing and commercial facilities); Management (provision of management, maintenance and cleaning services, outsourcing services for rental housing and consultation services, parking lots, housing trading and leasing businesses, operation of private placement real estate funds, and the real-estate investment trust asset management business); Mitsui Home (construction of housing, offices and facilities); and Others (operates hotels, restaurants, golf courses and resort facilities).
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