On the 9th, Japan Housing Co., Ltd. announced its consolidated financial results for the fiscal year ending March 2024.
During the fiscal period from April 23 to March 24, the company recorded net sales of ¥145.35 billion (an increase of 3.5% compared to the previous period), operating profit of ¥3.746 billion (a decrease of 44.9%), ordinary profit of ¥3.992 billion (a decrease of 42.3%), and net income of ¥995 million (a decrease of 79.1%).
The significant decrease in profit was attributed to the deterioration of performance in the repair and maintenance construction business, where the subsidiary in Singapore experienced worsening performance due to the rapid inflation following the COVID-19 pandemic, leading to increased costs across various areas and concerns regarding the recovery of accounts receivable.
The core condominium management business saw properties contracted in the previous period operating as planned. Contributing income from peripheral businesses, net sales increased to ¥59.445 billion (a 4.7% increase), and operating profit rose to ¥5.116 billion (a 2.8% increase). The number of managed units increased by 96,159 during the period to reach 499,325 units, achieving a total of 603,753 managed units throughout the group.
The building management business experienced increased revenue, reaching ¥16.385 billion (a 2.8% increase), and operating profit amounted to ¥710.1 million (a 12.4% increase) with contributions from overseas consolidated subsidiaries. Meanwhile, the repair and maintenance construction business recorded net sales of ¥63.592 billion (a 2.9% increase), but operating profit decreased significantly to ¥792 million (an 80.5% decrease).
Furthermore, the company announced its agreement to the public tender offer for its common stock by Marushian Holdings Co., Ltd., as part of a management buyout (MBO) initiative. As a result of the public tender offer and subsequent procedures, the company is expected to be delisted, and therefore, it has not disclosed its performance forecast for the fiscal year ending March 2025.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
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