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Performance Forecasts for FY2020
With the persistence of the COVID-19 epidemic, investors who until recently were keenly involved in real estate investment are exhibiting an increasingly cautious attitude, and changes have also been evident in the attitude of loan assessments at some financial institutions. Tosei has decided to postpone sales of some properties in the Revitalization Business and Development Business, originally planned for sale during the second half of the fiscal year ending November 30, 2020, until the next fiscal year or later. The Company considers it appropriate to make these sales at a time when the market has regained some degree of liquidity. As a result, the Company revised its full-year revenue forecast to ¥64,897 million, down ¥15,456 million from the previous forecast. Furthermore, due to the valuation loss of ¥7,680 million recorded for the three months ended May 31, 2020, the Company revised the full-year operating profit forecast to ¥4,680 million, down ¥9,056 million from the previous forecast, the full-year profit before tax forecast to ¥4,070 million, down ¥8,976 million from the previous forecast, and the full-year profit for the year forecast to ¥2,411 million, down ¥6,396 million from the previous forecast.