NTT URBAN DEVELOPMENT : Notice of Financial Results for the 3rd 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 3rd quarter of FY 2017 (referring to the 33rd business period from April 1, 2017 to December 31, 2017). Please refer to the Financial Results for the 3rd Quarter of FY 2017 and the Summary of Financial Statements for the 3rd Quarter of FY 2017.

• For the 3rd quarter of FY 2017 operating revenue reached ¥112.9 billion, a decrease of ¥5.3 billion compared with the same period of the previous fiscal year. Operating income was ¥23.2 billion, an increase of ¥1.4 billion, Ordinary profit was ¥21.9 billion, an increase of ¥2.2 billion, and profit attributable to owners of parent was ¥15.1 billion, an increase of ¥2.3 billion. Results were mostly in line with the full-year forecasts in terms of progress.
• In the Office/Retail business, income from property sales declined. Meanwhile, operating revenue decreased ¥67.2 billion year on year to ¥0.2 billion and operating income increased ¥23.9 billion year on year to ¥1.2 billion, partly reflecting the expiry of the rent-free period of the Shinagawa Season Terrace.
• In the Residential business, revenue declined due to share-outs implemented in the same period of the previous year. Meanwhile operating revenue decreased ¥35.2 billion year on year to ¥3.9 billion and operating income increased ¥2.7 billion year on year to ¥0.1 billion, thanks to an increase in the number of condominium units sold.