In fiscal 2018, the Housing Company achieved sales and profit growth for the third consecutive fiscal year. Looking at the status of sales by specific business, results were mixed. While the housing and frontier businesses, which focus mainly on newly built houses, recorded an increase in sales, sales declined slightly in the renovation business. There was almost no growth in demand in the face of the consumption tax rate hike scheduled for fiscal 2019. On the earnings front, the housing business saw a decline in profits as a result of increased costs stemming from soaring material prices and from prior investments aimed at securing orders in fiscal 2019. Meanwhile, earnings turned positive in the renovation business, primarily due to reductions in fixed costs centered on the increased efficiency of indirect functions. As a result, net sales in the fiscal year under review came to ¥506.7 billion, an increase of ¥8.9 billion compared with the previous fiscal year. From a profit perspective, operating income totaled ¥39 billion, up ¥1.1 billion year on year. Cost reduction activities have also progressed smoothly, leading to a 0.1 point increase in the operating income ratio, which now stands at 7.7%.