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Sumitomo Realty seen reaping record profit on brisk office leases

TOKYO -- Rent income from a pair of new office complexes here apparently helped Sumitomo Realty & Development reach a new record group pretax profit for the April-September half.

The black ink is expected to exceed 85 billion yen ($811 million), a nearly 20% jump from a year earlier. Revenue is seen climbing roughly 25% to around 450 billion yen. During the previous fiscal year, the Japanese developer opened the Shinjuku Garden Tower and the Tokyo Nihonbashi Tower, which have both more or less realized full occupancy. In addition, parts of the Roppongi Grand Tower were opened to renters in September, which added to lease revenue.

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