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Wealth management – sales of real estate finance business and hotel operation business increased significantly from the first quarter, and the current account balance turned positive | Reuters

Wealth management – sales of real estate finance business and hotel operation business increased significantly from the first quarter, and the current account balance turned positive | Reuters

*18:48 JST Wealth Management—The sales of real estate financial business and hotel management business increased significantly compared with the first quarter, and the ordinary balance turned positive
wealth management
3772On the 10th, it announced its consolidated financial results for the second quarter of the fiscal year ending March 2021 (April-September 2020). Compared with 1Q, sales increased significantly to 4.056 billion yen, operating income was 126 million yen, ordinary income was 35 million yen, and net profit attributable to shareholders of the parent company was 20 million yen.
Sales of the real estate finance business were 3.926 billion yen and operating profit was 609 million yen. Driven by sales of distribution warehouses and hotel development land, sales in the first quarter were 36 million yen, and sales in the second quarter were 3.889 billion yen. At this stage, it is planned to focus on real estate sales in the second half of the year, and the company expects to further increase sales from the third quarter. On the other hand, the projects under construction are progressing smoothly, and it is decided to open two hotels and the construction of a building in FY03/21 has entered the final stage. In addition, considering the formation of a (consolidated) REIT, we plan to gradually carry out the acquisition and sale of new properties, not limited to hotel assets.

Hotel management business sales were 235 million yen, down 87.0% year-on-year, and operating loss was 369 million yen. The main reason is that the number of guests decreased significantly due to the spread of the new coronavirus infection. However, compared to the first quarter, sales are recovering rapidly and the impact of COVID-19 is gradually easing. For the full year ended March 2021, net sales rose 74.0% year-on-year to 23.0 billion yen, operating income rose 10.8% year-on-year to 3.0 billion yen, and ordinary income fell 6.2% year-on-year to 3.500 billion yen. Net income will drop by 17.6% year-on-year to 2 billion yen. Although the profit forecast announced on August 7 remains unchanged, the progress of the real estate finance business and the recovery of the hotel business are expected to be affected by “Go To Travel”. I also hope that there will be results in the second half of the year.

“British Stone”

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