Operating restrictions and lower demand caused by COVID-19
First written in FY2020. 5 of 12 entries say "Mitigated", first in FY2022-Q1. Latest entry: FY2024-Q2.
The whole theme swung hardest in 2020: 77 of 112 companies on the "Worse" side.
29 other companies' latest entry also says "Restated".
- FY2024-Q2RestatedAnnual report
「Although depreciation increased substantially following the start of operations at large buildings completed in the previous fiscal year, including Sumitomo Realty & Development Tokyo Mita Garden Tower and Sumitomo Realty & Development Shinjuku First Tower, improved earnings at existing buildings and the recovery of hotel, event hall and other facility operations contributed to results, resulting in higher revenue and profit. Operating income reached a record high for the second quarter (April–September).」
The continued recovery of facility operations contributed to results, offsetting the increase in depreciation at large buildings and contributing to higher revenue and profit in the real estate leasing business. - FY2024-Q1MitigatedAnnual report
「Improved earnings at existing buildings and the recovery of hotel, event hall and other facility operations contributed to results, enabling operating income to be maintained at the previous year’s level.」
The recovery of hotel, event hall and other facility operations contributed to results, and the easing of the decline caused by the pandemic has continued. - FY2023MitigatedAnnual report
「The COVID-19 pandemic is moving toward containment, and further normalization of economic and social activity is expected going forward.」
Although pandemic risk remains, the outbreak is moving toward containment, and it records a narrowing decline in facility operations and the normalization of economic and social activity. - FY2023-Q3RestatedAnnual report
「The decline in hotel, event hall and other facility operations caused by COVID-19 narrowed, resulting in operating income being maintained at the previous year’s level.」
It continues to explain that, although the impact of the pandemic remains, the decline in facility operations has narrowed and operating income has been maintained at the previous year’s level. - FY2023-Q2RestatedAnnual report
「The decline in hotel, event hall and other facility operations caused by COVID-19 narrowed, resulting in operating income being maintained at the previous year’s level.」
It reiterates the explanation that, although the impact of the pandemic remained, the decline in facility operations narrowed and operating income was maintained at the previous year’s level. - FY2023-Q1MitigatedAnnual report
「The decline in hotel, event hall and other facility operations caused by COVID-19 narrowed, resulting in operating income being maintained at the previous year’s level.」
Although the impact of COVID-19 remained in facility operations, the decline narrowed from the previous year. Profit from the office building leasing business was maintained at the previous year’s level and supported overall results. - FY2022-Q3MitigatedAnnual report
「Although COVID-19 continued to affect hotel, event hall and other facility operations, the decline from the previous year narrowed due to the contribution from full-year operations at Ariake Garden and temporary revenue related to the Olympics.」
Although the impact of the pandemic remained in facility operations, the year-on-year revenue decline narrowed from ¥11.7 billion, indicating that the decline in facility operations had eased. - FY2022-Q1MitigatedAnnual report
「During the first quarter, hotel, event hall and other facility operations remained broadly at the previous year’s level due to the impact of COVID-19. However, the core office building business increased revenue and profit as full-year operations of buildings completed in the previous fiscal year, including Sumitomo Realty & Development Kojimachi Garden Tower and Sumitomo Realty & Development Ochanomizu Building, contributed to results.」
Although the impact of the pandemic remained in facility operations, which had declined significantly in the same period of the previous year, results were broadly at the previous year’s level, while the office building business increased revenue and profit due to the contribution from buildings operating for the full year. - FY2021-Q3MaterialisedAnnual report
「Meanwhile, hotel, event hall and other facility operations were significantly affected because the declaration of a state of emergency at the beginning of the period severely restricted the movement and gathering of people, and the return of people remained slow even after the declaration was lifted, resulting in a substantial decline in revenue (down ¥11.7 billion year on year).」
The impact of COVID-19 continued through the cumulative third quarter, and revenue from facility operations decreased by ¥11.7 billion year on year. The cumulative quarterly results also included a ¥629 million loss attributable to the pandemic as an extraordinary loss. - FY2021-Q2MaterialisedAnnual report
「Although the hotel, event hall and other facility operations businesses were significantly affected by COVID-19, the core office building business increased revenue and profit, including by maintaining a vacancy rate near its historical low, and supported results.」
Revenue in facility operations decreased by ¥8.0 billion year on year due to the impact of the pandemic, and the opening of Haneda Airport Garden was also postponed. Meanwhile, the quarterly income statement recognized a ¥629 million loss attributable to COVID-19 as an extraordinary loss. - FY2021-Q1MaterialisedAnnual report
「Although the hotel, event hall and other facility operations businesses were significantly affected by COVID-19, the core office building business supported results by increasing revenue and profit, including by maintaining a vacancy rate near its historical low.」
The impact of the pandemic materialized in facility operations, and revenue decreased by ¥4.9 billion year on year. The opening of Haneda Airport Garden and Ariake Garden was postponed, and operating restrictions also affected the housing and brokerage businesses, while office buildings and condominium sales supported results. - FY2020First statedAnnual report
「In facility operations such as the hotel and event hall businesses, where the movement and gathering of people were severely restricted following the declaration of a state of emergency, the company expected a significant decline in revenue. It also expected orders and contracts to decrease during the period in the housing renovation, custom-built housing and real estate brokerage businesses, where customer-attraction events and face-to-face sales activities were severely restricted, and incorporated an earnings decline of more than ¥30 billion across the 5 businesses listed above and others.」
The pandemic and stagnation in business activity and consumer behavior had already occurred, and an earnings decline of more than ¥30 billion was incorporated into the earnings forecast for the fiscal year ending March 2021. It also indicated that office building leasing and condominium sales were expected to support results.