top of page
Search
  • Writer's pictureAdam German

Mori Building's net profit rose by 34% for FY ending March 2024

On May 21st, the Nikkei Shimbun reported that Mori Building announced consolidated financial results for the fiscal year ending March 2024, showing a 34% increase in net profit to 58.9 billion yen compared to the previous fiscal year.  


This increase was driven by the operation of Azabudai Hills and Toranomon Hills Station Tower in Tokyo's Minato ward.  


Additionally, the weak yen boosted domestic hotel and overseas business earnings. 


Azabudai Hills CG Image From Street Level Perspective

Azabudai Hills CG image, courtesy of Mori Building 


Operating revenue, which corresponds to sales, rose by 26% to 360.4 billion yen, while operating profit increased by 23% to 78.1 billion yen.  


This marks the highest operating profit on record for the company.  


The strong performance was attributed to robust demand in both rental and sales markets, following the successive openings of the large-scale buildings. 


Looking forward to fiscal year ending March 2025, Mori Building forecasts a 5% increase in operating revenue to 377 billion yen and a 1% increase in operating profit to 79 billion yen.  


With two-thirds of Azabudai Hills expected to be occupied, the office occupancy rate is anticipated to rise.  


However, net profit is projected to decrease by 14% to 51 billion yen due to the absence of special gains from land sales that were recorded in the previous fiscal year. 


Source: 

Nikkei Shimbun (Japanese only; paywalled) 

Comentarios


Working on Laptop

Get the latest intelligence direct to your inbox.

Thanks for subscribing!

Within a day, links to latest articles will be delivered to your inbox.

bottom of page