Strong Property Sales Lift Mitsui Fudosan's 1Q Result
Mitsui Fudosan reported first-quarter results in line with our expectation. Revenue and operating profit were up 16% and 8% year over year, respectively. The main driver of growth was strong property sales with revenue and operating profit up 41% and 36%, respectively, driven by rising average selling prices. For leasing, the largest earnings contributor, top line grew 7%, but earnings fell 3% on margin compression. The weakness is reflected in rising vacancy rates across the company’s office an...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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