TAILIEUCHUNG - JAPAN REAL ESTATE INVESTMENT CORPORATION ANNOUNCEMENT OF TWENTYFIRST FISCAL PERIOD RESULTS

Interest rate risk remains high for banks because of a duration mis- match between deposits relative to banks’ holdings of government securities and certain housing loans. Exchange rate risk is less of a concern as banks have only a small net foreign exchange position and hedges are generally considered to be with strong institutions. In addition, large Turkish corporates have high foreign-exchange (FX) liabilities, often to foreign lenders, more willing to provide financing as markets stabilised after the crisis in 2001. 3 There has been an upsurge in Turkish private sector borrowing since 2005: from USD 30 bn to USD 89 bn. | INVESTMENT CORPORATION May 17 2012 JAPAN REAL ESTATE INVESTMENT CORPORATION ANNOUNCEMENT OF TWENTYFIRST FISCAL PERIOD RESULTS 1. Summary of Financial Results In the 21st fiscal period six months ended March 31 2012 Japan Real Estate Investment Corporation JRE recorded operating revenues totaling 24 059 million yen up compared with the previous period. On the earnings front operating income increased to 10 786 million yen. After deducting expenses for interest payments on loans and other costs ordinary income rose to 8 863 million yen and net income improved to 8 934 million yen. Turning to dividends JRE maintains the total amounts of reserve for reduction entry and income taxes deferred related to reserve for reduction entry accumulated in the previous fiscal period both of which were recorded in accordance with stipulations under Article 67-15 of the Special Taxation Measures Law of Japan as well as based on the Special Provisions for Taxation in the case of Advance Acquisition of land etc. in 2009 and 2010 under Article 66-2 of said law which is intended to ensure that a stable cash dividend level is maintained and allocates the adjusted amount of deferred tax liability to reserve for reduction entry reflecting changes in corporate tax rates. Therefore JRE has determined to pay out cash dividends of 8 888 957 600 yen from retained earnings for the period under review which must be divisible by 549 040 the number of units outstanding as of March 31 2012. Accordingly the per-unit cash dividend totaled 16 190 yen. 2. Results of Operations 1 Property Management and Acquisition During the period under review conditions in the Japanese economy remained severe due to a delay in full-fledged economic recovery. Despite a faster-than-anticipated restoration of the supply capacity disrupted by the Great East Japan Earthquake such economic difficulties were mainly attributable to lackluster demand for disaster-related reconstruction despite positive .

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