Housing contractor Haseko Corp. said Tuesday it registered a consolidated pretax profit in fiscal 2000 for the first time in three years, helped by brisk demand for condominiums.
Group pretax profit came to 14.78 billion yen in the year to March 31, compared with a pretax loss of 2.05 billion yen the previous year.
Net profit jumped 83 percent to 95.31 billion yen, while operating profit grew 47.7 percent to 26.14 billion yen on a sales increase of 22.3 percent to 458.92 billion yen.
Net profit per share rose to 91.69 yen from 60.43 yen the previous year, Haseko said.
Condo sales were boosted in the reporting year by low interest rates and tax breaks for housing loans, it said.
On a parent-only basis, pretax profit almost tripled to 18.04 billion yen, while operating profit expanded 93.8 percent to 20.23 billion yen on a sales increase of 42.5 percent to 359.18 billion yen.
However, the company posted an unconsolidated net loss of 21.28 billion yen, compared with a net profit of 3.39 billion yen the previous year, on valuation losses from real estate and equities.
For the current fiscal year, Haseko expects its group earnings to turn downward amid sluggish consumption with sales standing at 430 billion yen, pretax profit at 11 billion yen and net profit at 1.5 billion yen.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.