Haseko Corporation recently unveiled its consolidated financial results for the third quarter of the fiscal year ending March 2025, showcasing a mixed bag of increased sales but declining profit margins. For the fiscal year under review (April 1, 2024 ~ December 31, 2024), net sales were ¥836.74 billion (up 8.8% year-on-year), operating income was ¥57.45 billion (down 6.5% year-on-year), ordinary income was ¥58.39 billion (down 3.5% year-on-year), and net income was ¥18.37 billion (down 53.6% year-on-year). Despite a notable rise in sales driven by an uptick in completed projects, Haseko faced a decline in profits. This was primarily due to reduced gross profit from completed construction and increased general and administrative expenses.
In the construction-related business, the gross profit margin for completed work took a hit, impacted by deteriorating profitability at the time of order receipt and soaring material and labor costs. Haseko secured orders for a total of 61 new condominiums, including 48 projects with 17 large-scale properties (with a total of 200 units or more) in the Tokyo metropolitan area, and 13 projects with 7 large-scale projects in the Tokai region. Completed projects totaled 47, including 7 rental condominiums. Net sales in the segment reached ¥586.6 billion (up 5.9% year-on-year), while operating income fell to ¥40.1 billion (down 12.8% year-on-year).
In the real estate-related business, while new deliveries of for-sale condominiums decreased, the volume of other real estate transactions increased. This resulted in net sales of ¥119.5 billion (up 43.7% year-on-year) and operating income of ¥18.5 billion (up 26.9% year-on-year).
Net sales of the service-related business were ¥185.8 billion (down 0.5% year-on-year) and operating income was ¥8.2 billion (down 13.1% year-on-year). In the overseas business, the company recorded an impairment loss on retail facilities in Hawaii, U.S., leading to net sales of ¥1.4 billion and an operating loss of ¥4.2 billion.
Affected by extraordinary losses, Haseko revised its full-year earnings forecast. For the full year, the company expects net sales of ¥1.18 trillion, operating income of ¥82 billion, ordinary income of ¥80 billion, and net income of ¥30 billion.
Reprinted from: Real Estate Distribution Research Institute Co., Ltd. "R.E.port"
・ The copyright of the document belongs to the Real Estate Distribution Research Institute, Inc., which is the source of the document.
・ Please note that even if the user suffers any damage when using the service, Minami Aoyama Real Estate and Real Estate Distribution Research Institute Co., Ltd. will not be liable for any civil liability.
・The content of the news may be revised. For the latest information, please check the original article of Real Estate Distribution Research Institute Co., Ltd.
List of Contents