Mitsui Fudosan’s Larger Risk Appetite Ahead Casts Some Doubt, but Underlying 1H Results in Line
Mitsui Fudosan, or MF, reported first-half results in line with our expectation excluding capital gains on investment properties. Overall results are mixed as weak reported numbers mask relatively strong underlying results. For the six months ended September 2017, the company reported lower profits on lower revenue despite achieving higher operating margin. With higher interest expenses and lower contribution from equity affiliates, net profits plunged 33% to JPY 48 billion, outpacing operating...
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