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Mitsubishi Estate HY Profit Rises

Mitsubishi Estate Co., Ltd. (MITEY.PK) reported that its profit attributable to owners of parent for the six-month of fiscal year 2021 rose to 50.94 billion yen or 38.05 yen per share from 48.08 billion yen or 34.84 yen per share last year, due to an increase in rental profits from office building and an increase in capital gains despite the hotel and retail property business being heavily impacted by the spread of COVID-19.

Operating income for the period rose to 98.07 billion yen from 92.28 billion yen in the prior year.

But revenue from operations declined to 527.31 billion yen from the prior year's 535.23 billion yen due to a decrease in revenues from the hotel and retail property business.

Looking ahead for fiscal year 2021, the company still expects profit attributable to owners of parent to be 110.00 billion yen and revenue from operations of 1.14 trillion yen.

The company now projects annual operating income to be 191.00 billion yen compared to the prior outlook of 185.00 billion yen.

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