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Leopalace21 Sees Growth in Both Sales and Profits in FY3/15, Estimates Call for Sales and Profit Growth to Accelerate in FY3/16

2015年07月06日 PM09:30
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TOKYO

Leopalace21 Corporation (TOKYO:8848), a company that conducts construction, leasing, and sales of apartments, condominiums, and residential housing, announced its earnings for the fiscal year March 2015.

The Company’s sales and operating income rose by 2.6% and 8.0% year-on-year to JPY483.1 and JPY14.7 billion respectively on the back of relatively strong sales in the leasing business and despite weaker sales of the construction business. An improvement in gross margin and subsequent rise in gross income allowed higher sales, general and administrative expenses to be absorbed, which in turn allowed operating income to rise. Refund of noncurrent asset taxes were recorded and declines in interest payments allowed ordinary income to rise by 16.0% year-on-year, while the booking of JPY2.6 billion in deferred tax assets caused net income to decline by 4.7% year-on-year. Sales of the leasing, elderly care, hotels and resort, and other business segments rose by 2.7%, 4.3%, 18.2% and 108.0% year-on-year to JPY399.3, JPY10.6, JPY8.9, and JPY2.9 billion respectively, while sales of the construction business declined by 2.9% year-on-year to JPY61.3 due to a change in business model of solar panel business. At the same time, the leasing, construction and other business segments recorded operating income of JPY20.5, JPY0.2 and JPY0.03 billion, while the elderly care and hotels and resort business segments incurred operating loss of JPY0.6 and JPY1.2 billion respectively.

With regards to the Company’s financial position, a JPY11.1 billion increase in machinery and equipment associated with the solar power electric power generation business contributed to a JPY20.8 billion rise in total assets from end March 2014 to JPY308.2 billion at end March 2015. While investments contributed to an increase in short term interest bearing liabilities, declines in long term liabilities and vacancy loss reserves contributed to a JPY0.7 billion decline in total liabilities to JPY181.8 billion. Net assets grew by JPY21.6 to JPY126.4 billion due in part to the increase in retained earnings. Consequent to these changes, equity ratio rose by 4.5% points to 41.0%.

Leopalace21’s earnings estimates for fiscal year March 2016 call for sales to rise by 8.7% year-on-year to JPY525.0 billion on the back of favorable demand for leasing business services, a recovery in construction business, and growth in sales of all business segments. A 1.2% point improvement in gross margin and higher gross income resulting from the higher sales are expected to absorb a 13.1% anticipated rise in SG&A expense and allow operating income to rise by 32.1% year-on-year to JPY19.5 billion. And while the actual value amount has yet to be determined, the potential for a reinstatement of dividends is high given the current favorable business environment and earnings trend. Sales of the leasing, construction, elderly care, hotels and resort, and other business segments are expected to rise by 2.9%, 40.3%, 5.6%, 39.6% and 43.4% year-on-year to JPY411.0, JPY86.0, JPY11.2, JPY12.5 and JPY4.3 billion respectively. At the same time, the leasing and construction business segments are expected to see their operating income rise by 4.7% and 1566.7% year-on-year to JPY21.5 and JPY3.5 billion respectively. However, operating losses are expected to be seen in the elderly care, hotels and resort and others business segments of JPY1.4, JPY0.5, and JPY0.1 billion respectively.

 

Segment Business Trends

(Units: JPY mn)

    Sales Operating Income
  FY3/15   FY3/16 Est.   YY Change FY3/15   FY3/16 Est.   YY Change
Leasing 399,316 411,000 +2.9% 20,532 21,500 +4.7%
Construction 61,312 86,000 +40.3% 210 3,500 +1,566.7%
Elderly Care 10,608 11,200 +5.6% -606 -1,400 -793
Hotels & Resort 8,951 12,500 +39.6% -1,289 -500

+789

Others 2,999 4,300 +43.4% 31 -100 -131
Adjustments -4,116 -3,500 +616
Total   483,188   525,000   +8.7%   14,763   19,500  

+32.1%

* Sales represent those to external customers.

 

About Leopalace21 Corporation
Leopalace21 Corporation was established in August 1973 and conducts construction, leasing, and sales of apartments, condominiums, and residential housing, in addition to development and operation of resort facilities, and the operation of hotel business, broadband business, and elderly care business. The Company was first listed on the JASDAQ Market in February 1989, and moved its shares to the First Section of the Tokyo Stock Exchange in March 2004. Its headquarters are currently located in Tokyo.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150706005309/en/

CONTACT

Kaoru Hosaka for Leopalace21 Corporation
Investment Bridge Co., Ltd.
+81-3-5842-5765
(Japanese correspondence only)
leopalace21@cyber-ir.co.jp
(English and Japanese correspondence)

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