Mitsui Fudosan’s 1Q17 Results in Line on Active Asset Turnover and More Diversified Asset Portfolio
Mitsui Fudosan reported first-quarter results in line with our high expectation. Tokyo’s tight building supply and stable demand lifted the revenue and operating profits by 7.0% and 8.8%, respectively, year over year by doubling the condominium sales year on year. But higher tax expenses on the company’s large deferred tax liability on unrealized gain reduced net profits 1.1% year over year to JPY 33.8 billion, offsetting positive impacts from large capital gains. For fiscal 2017, the firm is st...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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