Tokyo-based property firm Daito Trust Construction (at Kentaku.co.jp) reported a 21.9% year-on-year decline in its net income to Y20.3 billion ($192.7 million U.S.) for the first quarter ended Jun. 30, 2019.
Daito’s net sales fell 3.2% year-on-year to Y367.7 billion ($3.4 billion U.S.) during the three-month period. The falling profitability can be attributed to a sharp 20.3% decrease in net sales from the company’s construction business. Net sales from the real estate segment rose 6.1% to Y243.6 billion during the quarter.
The company’s number of tenancy contracts increased by 8.5%.