Haseko Corporation announced its consolidated financial results for the second quarter of the fiscal year ending March 2025 on March 12.
For the reporting period (April 1, 2024 – September 30, 2024), net sales increased to ¥558.75 billion (up 6.8% year-on-year), while operating income fell to ¥35.43 billion (down 18.1% year-on-year), ordinary income declined to ¥36.27 billion (down 16.2% year-on-year), and net income dropped to ¥19.37 billion (down 32.5% year-on-year).
The value of completed work in the core construction business rose to ¥285.2 billion (up 8.9% year-on-year), mainly due to increased non-consolidated construction volume. However, gross profit on completed construction decreased to ¥35.9 billion (down 9.4% year-on-year), impacted by rising material and labor costs. The gross profit margin fell to 12.6%, down 2.5 percentage points year-on-year. A total of 34 projects were completed, including 6 logistics facilities. Segment sales reached ¥395.8 billion (up 3.5% year-on-year), while operating income declined to ¥24.7 billion (down 21.5%).
Non-consolidated orders at the end of the quarter hit a record high of ¥307.1 billion (up 50.8% year-on-year). The company received 39 new condominium construction orders, including 14 large-scale projects (200+ units) in the Tokyo metropolitan area, and 7 projects in the Tokai region (including 2 large-scale properties). Additionally, 3 rental housing projects were ordered.
In the real estate-related business, despite a decrease in new condominium deliveries, segment net sales rose to ¥77.1 billion (up 35.7% year-on-year), and operating income increased to ¥12.9 billion (up 3.5% year-on-year), driven by growth in other real estate transactions.
In the service-related business, segment sales declined to ¥125.0 billion (down 1.1% year-on-year), and operating income dropped to ¥5.3 billion (down 25.9% year-on-year), due to fewer deliveries of newly built condominiums and reduced corporate real estate brokerage activity.
Full-year forecast:
• Orders received: ¥580 billion
• Net sales: ¥1.18 trillion
• Operating income: ¥82 billion
• Ordinary income: ¥80 billion
• Net income: ¥53 billion
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. "R.E.port"
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