Good afternoon, everyone. I am Uchida, Executive Manager of Investor Relations at Mitsui Fudosan. I will present our results for the second quarter of the fiscal year ending March 2022. Before getting into the details, I will touch upon the key highlights. Despite the ongoing impact from the pandemic, in the first half of fiscal 2021, operating revenues increased and operating profit, ordinary profit, and net profit attributable to the owners of the parent improved year-over-year. The positive results were supported by year-over-year recoveries in the retail facilities business included in the Leasing segment, the Repark car park Leasing business, and Rehouse Retail Brokerage business included in the Management segment, and growth in the property sales to Investors business within the Property Sales segment. Extraordinary profits were also boosted by continued disposals of strategic equity holdings.
While the impact of the pandemic varies by segment, overall, we are tracking in line with our initial consolidated earnings forecast relative to our full- year forecast. With regard to the interim dividend, it has been set at JPY 22, in line with our guidance. I will now discuss the results in more detail using the fact book. Please turn to the consolidated profit and loss statement. Operating revenues for the first half of Fiscal 2021 were JPY 996.8 billion, up JPY 199.4 billion, or 25% year-on-year. Operating income was JPY 100.9 billion, up JPY 36.7 billion, or 57.3% year-on-year. Ordinary income was JPY 88.8 billion, up JPY 41.5 billion, or 87.9% year-on-year.
Net profit attributable to owners of the parent was JPY 86.3 billion, up JPY 77.2 billion for a hefty 854.9% year-on-year increase. First half FY 2021 operating profit and net profit both represent a new record high for the first half. Progress relative to our full- year forecast is shown in the table on the upper right. We are making solid progress. Operating revenue stands at 46.4% of the full- year forecast, operating income at 43.9%, and net profit attributable to owners of the parent at 54%. Next, returning to the table on the left. I will discuss the segment results in more detail later, but will first touch on items below the line. Net non-operating income and expenses improved JPY 4.7 billion year-on-year.
If we look at the breakdown, equity and net income or losses of affiliated companies improved on the year-on-year recovery in operating conditions at hotels managed by affiliates, and other non-operating income was also higher on a net basis. Next is extraordinary gains and losses. Please look at the table on the right. First, we reported JPY 49.3 billion in extraordinary gains for first half fiscal 2021 on the back of the sale of strategic equity holdings. Based on our efforts to promote balance sheet control and our policy to reduce strategic equity holdings, we have continued to sell down our equity holdings. Next, under extraordinary losses, we posted JPY 3.9 billion in losses related to COVID-19.
These losses are the aggregation of fixed costs, such as rents due on property and land for retail facilities and hotels that were temporarily shut down in conjunction with the state of emergency. This figure was JPY 2.6 billion for first quarter, so on a standalone basis for second quarter, COVID-19 extraordinary losses are in decline, dropping to JPY 1.3 billion for the quarter. This JPY 3.9 billion figure compares to the COVID-19 extraordinary losses of first half fiscal 2020 of JPY 13.2 billion. If we compare operating profits after adding back the extraordinary losses, first half fiscal 2021 operating profit would drop from JPY 100.9 billion to JPY 97 billion, while first half fiscal 2020 operating profit would go from JPY 64.1 billion to JPY 50.9 billion.
If we compare the adjusted operating profit figures, a better reflection of the true profitability of our businesses, this translates into a year-on-year improvement of JPY 46 billion. Please turn to the next page. I will now discuss the segment results. On a year-on-year basis, the Leasing segment reported an increase in revenues of JPY 27.4 billion and operating profit growth of JPY 2 billion. We discuss conditions in the Leasing business in the comment section shown here. In first half Fiscal 2021, similar to last year, the retail facilities business was impacted by several states of emergency as a result of the pandemic, but GMV recovered on a year-on-year basis.
In the Office business, both revenues and profits improved on the full- year contributions from properties completed in the previous fiscal year, such as Bunkyo Garden Gate Tower, and higher revenues and profits from existing domestic office properties. As a result, the overall segment reported year-on-year improvements for revenues and profits. On the Office vacancy rate, the non-consolidated office vacancy rate for Mitsui Fudosan in the Tokyo metropolitan area was 3.9% as of the end of September, down 0.8% points from the 4.7% level as of the end of June. The key driver of the improvement was solid progress in leasing vacated space in existing buildings. We note that the state of emergency in first half continued for longer than we had initially expected.
As a result, tenant leasing activity is only now starting to pick up in second half. Factoring in the trend toward longer lead times in signing leases, we now expect the vacancy rate as of the end of the fiscal year to be around the 4% level. Moving on to the Property Sales segment, please turn to Page 4. Overall, the Property Sales segment reported year-on-year improvements to revenues and operating profit of JPY 107.5 billion and JPY 26.4 billion, respectively. Please look at the table to the upper right of the comment section. Domestic residential property sales reported a JPY 36.9 billion decline in revenues and a JPY 7.7 billion drop in profits year-on-year.
As noted at the time of first quarter results, the main factors behind the year-on-year drop in both operating revenues and profits were, as stated in the comment section, the year-on-year decline in the number of reported units for first half Fiscal 2021, and a high base for comparison, given the large number of central urban large-scale high margin properties handed over in the first half of Fiscal 2020, such as THE TOWER YOKOHAMA KITANAKA or THE COURT Jingu Gaien. Total units sold, a combination of mid and high-rise condominiums and detached homes were 1,893, down 325 units year-on-year. The average blended unit price for mid and high-rise condominiums and detached homes was JPY 73.3 million. Our sales continue to be concentrated primarily in a price range higher than the overall market average. Near term sales remain strong.
Completed inventory as of the end of first half for condominiums and detached homes is a mere 142 units, continuing the trend of stable and low inventory levels. Relative to our full- year target for condominiums of 3,100 units, the contract rate has progressed to more than 90% compared to the 65% level six months ago at the beginning of the fiscal year. If we compare this to where we stood this time last year at 92% and two years ago at 94%, you can see that we have continued to stably maintain a contract ratio over 90% over the last few years. Looking now at Property Sales to investors and overseas individuals, first half operating revenue rose JPY 144.4 billion and operating income increased JPY 34.2 billion.
Appetite to invest in the real estate transaction market remains firm for asset classes that generate stable cash flows such as offices, logistics facilities and rental residential properties. We have seen no deterioration in cap rates relative to pre-COVID-19 levels. In the first half, we sold properties such as Iidabashi Grand Bloom, Ginza 5-Chome GLOBE and Takeshita-d ori Square, primarily to J-REITs. We believe we will be able to continue to complete sales and hand over properties as we work toward our full year operating profit target of JPY 111 billion. Next is the Management segment. Please turn to Page 5. This segment consists of the Property Management business, which focuses on managing properties under contract.
Mitsui Fudosan Realty's car park leasing business Repark, the Corporate and Retail Brokerage businesses, the Asset Management business for our sponsored J-REITs and others, and the Consignment Sales business, which concentrates on selling condominiums developed by other developers. This segment reported year-on-year increases in operating revenue and operating profit of JPY 20.5 billion and JPY 13.8 billion, respectively. Please see the comment section for conditions in the Management segment. First, the Property Management sub-segment. Operating revenues increased JPY 10.1 billion and operating income rose JPY 7.4 billion year-on-year. The major driver of the growth was the improvement at the Repark business. Occupancy rates for Repark are recovering, returning to around 90% of pre-pandemic Fiscal 2019 levels. In addition, Repark continues to implement strategic cost reductions aimed at boosting operational efficiency.
Next, in the Brokerage and Asset Management business, operating revenues and profits also improved year-on-year, rising JPY 10.3 billion and JPY 6.3 billion, respectively. The main driver is the recovery in the Brokerage business, starting with the Rehouse business. It is not just the comparison to a low base, reflecting the impact of the temporary closure of all Rehouse outlets in the first quarter of last fiscal year. Rehouse brokerage transactions on a handover basis are virtually back to pre-COVID-19 levels, and corporate brokerage transactions are also picking up. Finally, the other segment. Please turn to Page 6. The mainstay businesses of this segment have been the facilities Operation business, which focuses on hotels and resorts. The new construction under Consignment business, which includes the Mitsui Home build-to-order detached home business and the Reform and Renewal business for offices, retail facilities and residential properties.
From first quarter Fiscal 2021, this segment includes the Tokyo Dome business as well. The other segment reported a JPY 43.9 billion increase in operating revenues, but a JPY 2.7 billion widening of the operating losses to JPY 21 billion. Both the increase in operating revenues and the drop in profits are primarily due to the inclusion of Tokyo Dome Corporation results from first quarter. Tokyo Dome closes its fiscal year in January. The first half results included in this segment cover the period from February to July of this year. In the facilities operation business, although we have been seeing a year-on-year improvement in occupancy rates in the Hotel and Resorts business, overall first half results were generally weaker. Triggered by the spread of the Delta variant, the state of emergency was extended several times and applied to a wider geographic area.
Continued restrictions on movement and the decision to ban spectators from the Olympic Games also contributed as well. However, since the lifting of the state of emergency at the beginning of October, and a rapid decline in the number of active cases, near-term reservations are improving. We hope to see a recovery in second half supported by pent-up travel demand in first half. Next, please look at the right-hand side of Page 6. For reference purposes, we show here figures for the Overseas business. Total overseas profits in the first half of Fiscal 2021 were JPY 6 billion, down JPY 6.7 billion year-on-year. Please note there is a three month lag in reflecting overseas profits. The figures included in our first half earnings reflect the results for the overseas businesses for the period of January to June 2021.
Within this, the Leasing segment posted a year-on-year operating profit decline of JPY 0.9 billion, reflecting the impact of rising new COVID-19 infections during this period in Taiwan and Malaysia, which impacted our Retail facilities leasing business. For management and other, operating profit fell JPY 2 billion, primarily because the Halekulani Hotel in Hawaii was closed for renovations until September. Please note that the Halekulani reopened in October 2021. Turning to the next page, I will now comment on the balance sheet. Total assets as of second quarter fiscal 2021 stood at JPY 7,930.7 billion, up JPY 188.7 billion from the end of the previous fiscal year. On the main drivers of the increase, first, please look at the table on the upper right hand.
This shows the outstanding balance of real property for sale, which rose JPY 38.8 billion from the end of the previous fiscal year to JPY 1,969.3 billion. New investments were JPY 241.1 billion. Cost recovery was JPY 235.4 billion, while others, including Forex impact, were JPY 33.2 billion. In terms of the breakout by corporate entity, while we made progress on cost recovery at Mitsui Fudosan and Mitsui Fudosan Residential, taking into account the development investments at Mitsui Fudosan America Group, the balance increased by a net JPY 38.8 billion. Next, the outstanding balance of tangible and intangible assets was JPY 3,897.8 billion, up JPY 101 billion from the end of the previous fiscal year.
We touch upon the key investment and cost recovery items in the comment section. While we incurred further investments at 50 Hudson Yards in New York and LaLaport SHANGHAI JINQIAO in China, factoring in depreciation and Forex impact resulted in a net increase of JPY 101 billion. On the next page, we show the liability side of the balance sheet. Outstanding interest-bearing debt as of the end of second quarter fiscal 2021 was JPY 3,729.3 billion, up JPY 105.9 billion from the end of March 2021. As a result of the above, the D/E ratio as of the end of second quarter was 1.41x and the equity ratio was 33.3%.
Finally, although not included in the materials, I will comment on the first half Fiscal 2021 COVID-19 impact and the outlook for the full- year forecast, which we announced at the beginning of the fiscal year. Briefly to recap the assumption underpinning the full- year forecast we announced at the beginning of the fiscal year, our expectation had been that although the economic situation was likely to start to recover on the back of progress in vaccinations, the pace of recovery was still unclear. As such, we assumed that there would be lingering effects from COVID-19 over the course of the fiscal year. Based on this, we assumed the full year profit impact of COVID-19 would be JPY 60 billion above the line and JPY 5 billion below the line, for a total of JPY 65 billion.
Relative to this, the first half COVID-19 impact was approximately JPY 38 billion above the line and roughly JPY 5.5 billion below the line, for a combined total of JPY 43.5 billion. By segment, we had expected COVID-19 to mainly affect our retail facilities, Repark and Rehouse, the Hotel and Resorts, and Tokyo Dome businesses. When we look at our expectations for the COVID-19 impact by segment compared to near-term conditions, although there is some variance in individual businesses, the overall impact is largely in line with our initial expectations. Currently, each segment is already seeing recovery trends. As such, we expect to make solid progress towards our full- year targets of JPY 230 billion in operating profit and JPY 160 billion in net profit going forward. This completes my remarks.