Upfront investment in advertising and promotional expenses related to the sale of a large-scale condominium development

「Condominium deliveries totalled 76 units, compared with 178 units in the same period of the previous year, reflecting the restraint on supply through the previous consolidated fiscal year. As a result, segment revenue edged up 0.6% year on year to ¥22,705 million, while segment profit fell 20.9% to ¥1,752 million, due in part to front-loaded advertising expenses for sales of the large condominium development in front of JR Wakayama Station.」