Japan´s largest real estate developer, Mitsui Fudosan Co Ltd. posted a 72 percent fall in group net profit for the half year ended in September to 6.19 billion yen ($51 million). The drop came partly because many sales of condominiums in the first half would be booked in the second.
The result was slightly below expectations, as Mitsui Fudosan and independent research firm Toyo Keizai had both forecast a 71 percent year-on-year drop to 6.5 billion yen. First-half group operating profit fell 19.4 percent to 37.98 billion yen as sales decreased 11.4 percent to 491.11 billion yen.
As half-year results for property firms can vary greatly depending on when sales are booked, more focus is placed on full-year forecasts. Mitsui cut its estimate for full-year net profit to 33 billion yen from the 38 billion projected in May.