Deterioration of Logistics and Real Estate Business Conditions Due to COVID-19
First written in FY2020. 3 of 9 entries say "Materialised", first in FY2021-Q1. Latest entry: FY2023-Q2.
Mitsubishi Logistics moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2025: 5 of 16 companies on the "Worse" side.
1 other company's latest entry also says "Other".
- FY2023-Q2Foot traffic at commercial facilities is recoveringAnnual report
「In the real estate industry, visitor traffic at commercial facilities showed signs of recovery but did not return to pre-COVID levels, while conditions remained challenging, with office vacancy rates rising amid looser supply and demand conditions.」
Visitor traffic at commercial facilities showed signs of recovery, partially easing the impact of COVID-19, but the failure to return to pre-COVID levels and rising office vacancy rates continued. - FY2023-Q1Visitor traffic at commercial facilities recovered but remained below pre-COVID levelsAnnual report
「Meanwhile, conditions in the real estate industry remained challenging, as visitor traffic at commercial facilities did not return to pre-COVID levels and office vacancy rates rose amid looser supply and demand conditions.」
Although visitor numbers at commercial facilities that had been forced to close temporarily in the same period of the previous year recovered, they did not return to pre-COVID levels, and office vacancy rates continued to rise. - FY2022-Q3MitigatedAnnual report
「Against this economic backdrop, the business environment surrounding our Group remained challenging in both sectors. In the logistics industry, including warehousing and port transportation, the recovery in cargo volumes slowed, while costs increased amid intensifying competition and labor shortages. In the real estate industry, foot traffic at commercial facilities was recovering following the lifting of the state of emergency and priority preventive measures, but the vacancy rate of leased office buildings also rose as supply and demand slackened.」
The Company stated that visitor traffic at commercial facilities was beginning to recover following the lifting of the state of emergency and other measures, indicating a partial easing of the impact of COVID-19. Meanwhile, some effects continued, including slowing recovery in logistics and higher office vacancy rates. Losses from temporary closures decreased from ¥381 million in the same period of the previous year to ¥191 million. - FY2022-Q1Temporary closure losses decreased while the impact of COVID-19 continuedAnnual report
「Quarterly net income attributable to owners of the parent increased by ¥1,643 million, or 100.8%, year on year to ¥3,272 million, due in part to the recognition of gains on sales of investment securities from the partial sale of strategically held shares under extraordinary income and a decrease in losses from temporary closures of certain commercial facilities due to COVID-19 under extraordinary losses.」
Losses from temporary commercial facility closures due to the impact of COVID-19 decreased from ¥381 million in the same period of the previous year to ¥191 million. Meanwhile, sluggish visitor traffic due to the state of emergency and other measures continued. - FY2021WorsenedAnnual report
「In the fiscal year ending March 2021, the global spread of COVID-19 had a significant impact on the domestic and overseas economies. From April 2021 onward, if the period until COVID-19 is brought under control is prolonged, business activities and operating results of the Group may be significantly affected by sluggish cargo movements in the logistics business and higher office vacancy rates resulting from tenant departures and other factors in the real estate business.」
The impact of COVID-19 materialized during the fiscal year ending March 2021 through lower logistics cargo volumes and commercial facility closures, and the Company identified the risk of prolonged cargo stagnation and higher vacancy rates from the following fiscal year onward. - FY2021-Q3MaterialisedAnnual report
「Operating revenue decreased in the logistics business, as revenue declined in the warehousing, inland transportation, port transportation and international freight forwarding businesses due to lower cargo volumes and other effects of COVID-19. In the real estate business, revenue declined because tenants at some commercial facilities suspended operations due to the impact of COVID-19 and the number of properties for sale decreased in the condominium sales business. As a result, operating revenue overall was ¥154,823 million, down ¥15,832 million, or 9.3%, year on year.」
The impact of COVID-19 continued through lower cargo volumes in logistics, commercial facility tenant closures in real estate and fewer condominium properties for sale, resulting in a 9.3% year-on-year decline in operating revenue. - FY2021-Q2MaterialisedAnnual report
「Operating revenue decreased in the logistics business, as revenue declined in the warehousing, inland transportation, port transportation and international freight forwarding businesses due to lower cargo volumes and other effects of COVID-19. In the real estate business, revenue declined because tenants at some commercial facilities suspended operations due to the impact of COVID-19, tenants vacated the Company’s leased properties near Nagoya Station in connection with its cooperation with Central Japan Railway Company’s Linear Chuo Shinkansen project, and the number of properties for sale decreased in the condominium sales business. As a result, operating revenue overall was ¥101,388 million, down ¥13,589 million, or 11.8%, year on year.」
The impact of COVID-19 continued in the form of lower cargo volumes in logistics and commercial facility tenant closures in real estate, resulting in an 11.8% year-on-year decline in operating revenue. - FY2021-Q1MaterialisedAnnual report
「Operating revenue decreased in the logistics business, as revenue declined in the warehousing, inland transportation, port transportation and international freight forwarding businesses due to lower cargo volumes and other effects of COVID-19. In the real estate business, revenue declined in the real estate leasing business because tenants at some commercial facilities suspended operations due to the impact of COVID-19, and in the condominium sales business because the number of properties for sale decreased. As a result, operating revenue overall was ¥50,276 million, down ¥7,606 million, or 13.1%, year on year.」
The impact of COVID-19 was reflected in actual results through lower cargo volumes in logistics, commercial facility tenant closures in real estate and ¥381 million in losses from temporary closures, resulting in a 13.1% decline in operating revenue. - FY2020First statedAnnual report
「In addition, if the spread of COVID-19 and other infectious diseases causes uncertainty to spread across the global economy and the economy deteriorates more than expected, the Group’s operating results and financial position may be affected. With regard to the impact of COVID-19 on operating results, financial position and other matters for the fiscal year ending March 2021, we expect the impact to continue through the end of the second quarter of the fiscal year ending March 2021 and to subside from the third quarter onward.」
COVID-19 was identified as a new major risk, with the logistics environment becoming more challenging from the fourth quarter onward and the impact expected to continue through the end of the second quarter of the fiscal year ending March 2021.