Mitsui Fudosan Co. Ltd. welcomed fiscal 2018 with a 1.1% year-over-year decrease in fiscal first-quarter profit attributable to owners at about ¥33.88 billion from ¥34.26 billion.

The company attributed the change mainly to an increase in income taxes.

EPS in the April 1 to June 30 period was ¥34.26 from ¥34.65 a year ago.

In the comparable period, ordinary income was up 6.6% to ¥48.10 billion from about ¥45.12 billion, operating income was up 8.8% to ¥51.75 billion from ¥47.58 billion and revenue from operations was up 7.0% to ¥381.55 billion from ¥356.47 billion.

As of June 30, the Japanese developer's total assets were valued at roughly ¥5.590 trillion, with a 36.2% equity ratio.

Earlier in reporting its record fiscal full-year 2017, Mitsui Fudosan said it expects revenue from operations of ¥1.790 trillion, operating income of ¥245.00 billion, ordinary income of ¥227.00 billion, attributable profit of ¥140.00 billion and EPS of ¥141.68 in the fiscal year ending March 31, 2018. The outlook was affirmed.

Mitsui Fudosan also provided its fiscal full-year per-share dividend estimate of ¥36.00, up from the prior fiscal year's ¥34.00.

As of Aug. 2, US$1 was equivalent to ¥110.48.