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Condominium builder Haseko Corp. said Tuesday its group net balance sank into the red in the 2001 business year, due chiefly to latent losses on its real-estate holdings for sale and on other fixed assets.

Consolidated net losses came to 122.63 billion yen, marking a turnaround from a profit of 95.31 billion yen the year before.

Haseko attributed the net losses chiefly to a 90.29 billion yen latent loss on its real-estate holdings for sale and a 50.94 billion yen unrealized loss on its fixed real-estate assets. Haseko posted profits of 163.59 billion yen the previous year due to debt-waivers granted by creditor banks.

Group pretax profits fell 9.2 percent to 13.42 billion yen on operating revenues of 446.72 billion yen, down 2.7 percent.

Per-share net losses came to 117.92 yen against profits of 91.69 yen the previous year.

The company said it will skip a dividend payment for 2001, as it did a year ago.

For this year, Haseko forecasts net profits of 4 billion yen, on projected operating revenues of 425 billion yen. Pretax profits are expected to amount to 13 billion yen, it said.

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