12:00AM New York - Mitsubishi Estate Co. third quarter profit falls 5.8% to 36.8 billion yen from 39 billion a year ago. Full-year profit forecasted to slump 13%

Quarterly Earnings Review

Mitsubishi Estate Co. reported today third quarter revenue from operations slumped 3.4% to 311.5 billion yen from 322 billion yen in the same quarter a year ago.

In the third quarter, net income slipped 5.8% to 36.8 billion yen from 39 billion a year ago.

The company’s operating income also declined 22.6% to 65.8 billion yen from 85 billion yen in the comparative period a year ago.

Nine Months Earnings Review

In the nine months ended December 31st, revenue from operations fell 20.5% to 485 billion yen from 610 billion yen a year earlier.

Operating income plunged 16.6% to 92 billion yen from 110 billion in the year ago period.

Net income in the nine months fell 13% to 43.5 billion yen from 50 billion yen realized in the same period a year earlier. Earnings per share for the period under review declined to 31.54 yen from 36.41 a year ago.

Revenue

In the period under review, Mitsubishi Estate assumed a controlling stake in Towa Real Estate after it underwrote third party allocation of new shares.

Furthermore the Company also boosted its shareholding in Sunshine City Corp. to 32.23% and plans to shore up its shareholding by acquiring an additional 27.77% equity.

Outlook

Mitsubishi Estate expects full-year revenue from operations to decline 16.7% year-on year to 789 billion yen.

Operating income for the year through March is forecasted to slump by 2% to 169 billion yen.

Net income for the year is expected to also plummet 13% to 85 billion yen.