Mitsubishi Estate Co., Japan's second-largest developer, said Thursday its full-year profit fell 48 percent, more than expected, as the deepening recession sapped demand for condominiums.
Net income dropped to ¥45.4 billion in the year that ended in March, worse than the company's forecast for a 46 percent slide to ¥47 billion. Operating profit sank 22 percent to ¥138 billion, while sales rose 20 percent to ¥942.6 billion, Tokyo-based Mitsubishi Estate said in a statement.
Condominium sales in Tokyo declined in March for a 19th month and were 46 percent lower than a year earlier, according to data compiled by the Real Estate Economic Research Institute.