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Leopalace21 responds to media report regarding impact on income forecast

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Leopalace21 responds to media report regarding impact on income forecast

In response to a recent media report concerning the cost impacts of repairing wall construction deficiencies at properties built by Leopalace21 Corp., the company said it is difficult to rationally estimate the amount as the investigation has just commenced.

According to a July 5 report on the Nikkei, there is a possibility that the costs could be more than ¥10 billion, having more than a minor impact on the consolidated net income forecast for the fiscal year ending March 31, 2019.

The company noted that as of May 26, investigations had commenced in 474 buildings and no deficiencies had been found in 268 of those buildings while defects were confirmed in 206 buildings. As of June 22, investigations were underway in 896 buildings, with 352 buildings found to have no defects and 399 buildings having confirmed deficiencies.

The company said it would announce any matters, including revisions to earnings forecasts, should they arise, in a timely manner.

As of July 5, US$1 was equivalent to ¥110.59.