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Q2 2021 Mitsui Fudosan Co Ltd Earnings Net Conference Transcript
Good afternoon, everyone. I am Uchida, Executive Manager of the Investor Relations department. I will present the second quarter results for the fiscal year ending March 2021. I will discuss the results in more detail later, but overall, first half sales and profits declined year-on-year.
Results were impacted by a number of factors. This includes lower sales and profits owing to the state of emergency in Japan in April and May, during which our retail facilities, hotels and Rehouse retail brokerage offices were closed, a high base for comparison in the property sales to investors subsegment, the fact that occupancy rates for our car parks and hotels are still recovering and extraordinary losses related to the sale of the Shinjuku Mitsui Building as a part of balance sheet control efforts.
At the same time, we were able to make solid progress, backed by an increase in leasing revenues and profits for existing offices, the earlier-than-expected reopening of retail facilities and subsequent recovery in GTV, and
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