On the 9th, Cosmos Initia 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 ¥1,245.88 billion (a 1.0% increase compared to the previous period), operating profit of ¥7.422 billion (a 50.7% increase), ordinary profit of ¥6.688 billion (a 49.5% increase), and net income of ¥4.278 billion (a 21.4% increase).
In the residential business segment, while the number of newly constructed condominiums delivered increased by 476 units (an increase of 49 units) and the number of renovated condominiums delivered increased by 367 units (an increase of 54 units), the company incurred an impairment loss on certain completed inventory due to prolonged sales. This resulted in net sales of ¥434.89 billion (a 5.9% increase) and a segment profit of ¥610 million (a 64.9% decrease). The inventory of newly constructed condominiums decreased to 255 units (a decrease of 66 units).
In the solution business segment, decreased revenue from income property sales and a decline in gross profit margin led to net sales of ¥489.54 billion (a 12.6% decrease) and a segment profit of ¥2.596 billion (a 51.8% decrease).
The lodging business segment experienced a turnaround to profitability, driven by an increase in inbound demand, improvement in average room rates, and occupancy rates, as well as the delivery of profitable facilities. This resulted in net sales of ¥223.67 billion (a 93.9% increase) and a segment profit of ¥6.266 billion (compared to a segment loss of ¥990 million in the previous period).
For the next fiscal period, the company anticipates net sales of ¥1,340 billion, operating profit of ¥8 billion, ordinary profit of ¥6.9 billion, and net income of ¥4.7 billion.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”
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