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Sumitomo Realty & Development Co., Japan’s third-biggest property developer, said Thursday its first-quarter profit rose 54 percent, as the country’s real estate market accelerates out of a 14-year slump.

Net income rose to ¥29.9 billion in the three months that ended June 30, from ¥19.4 billion a year earlier, the company said in a statement distributed to the Tokyo Stock Exchange. Sales gained 22 percent to ¥211.5 billion from ¥174 billion.

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