We would like to express our sincere gratitude to all our shareholders for their continued support and patronage. The following forms the background to, and an outline of, the payment of dividends for the fiscal year ended May 31, 2018.
First-corporation Inc. is a condominium construction company that addresses housing needs through its business activities. We strive to be a company that is invaluable to all our clients and business partners and in which they invest their expectations.
In the fiscal year ended May 31, 2018, (the Company’s 7th business term), First-corporation recorded lower revenues and higher profits. Net sales amounted to ¥20,818 million, decrease 0.6% year on year. From a profit perspective, operating income came to ¥2,246 million, increase 8.2% year on year, ordinary income was ¥2,233 million, increase 10.9% year on year, and net income was ¥1,569 million, increase 11.0% year on year.
Although net income for the fiscal year under review was slightly lower than initially planned, the result almost attained the targeted level. Consequently, we have declared a dividend of ¥38 per share, which is in line with the forecast at the beginning of the fiscal year.
Next, I will outline our future business development. To achieve sustainable growth and enhance corporate value, we are initiating measures to strengthen our corporate structure by broadening our governance and compliance systems and promoting organizational overhaul and personnel expansion.
We will reorganize the management structure and organization of directors in the 8th business term. In preparation for rejuvenation and generational change we established the best system to promote powerful business.
We are still undergoing growth and believe there is plenty of scope for further expansion in the business area comprising Tokyo and its three adjacent prefectures.
In addition, to ensure ongoing growth potential, we will strive to broaden our business fields and facilitate increased growth by entering into the senior condominium business, adding renovation business and opening Kyushu branch.
In the future, we will continue to expand our business and secure stable earnings and will strive to provide greater returns to shareholders.
We appreciate your continued support.
President and Chief Executive Officer