NTT URBAN DEVELOPMENT : Notice of Financial Results for the 2nd Quarter of FY 2017

NTT Urban Development Corporation (head office: Chiyoda-ku, Tokyo, President and Chief Executive Officer: Hiroshi Nakagawa) announced the consolidated financial results for the NTT Urban Development Group for the 2nd quarter of FY 2017 (referring to the 33rd business period from April 1, 2017 to September 30, 2017). Please refer to the Financial Results for the 2nd Quarter of FY 2017 and the Summary of Financial Statements for the 2nd Quarter of FY 2017.

• For the 2nd quarter of FY 2017 operating revenue reached ¥72.7 billion, an increase of ¥4.2 billion compared with the same period of the previous fiscal year. Operating income was ¥15.5 billion, an increase of ¥4.2 billion, ordinary income was ¥14.8 billion, an increase of ¥5.0 billion, profit attributable to owners of parent was ¥9.6 billion, an increase of ¥3.3 billion.
  Results were mostly in line with the full-year forecasts in terms of progress.
• Regarding Offices/Retail Business, operating revenue was ¥45.2 billion, an increase of ¥3.5 billion year-on-year, and operating income was ¥16.6 billion, an increase of ¥4.2 billion, primarily due to the expiry of free rent in recently completed properties such as the Shinagawa Season Terrace.
• In Residential Business, operating revenue was ¥21.4 billion, an increase of ¥2.2 billion year-on-year, and operating income was ¥1.2 billion, an increase of ¥0.02 billion, attributable to an increase in the number of condominiums delivered.