I'm Sakai, Executive Director. Thank you very much for attending despite your busy schedule. I will explain based on the material at hand. A summary of financial results for the Q2 and plan for the Fiscal Year ending March 2022 is shown on page three and after. As indicated with asterisks, we adopted Accounting Standard for Revenue Recognition in this Fiscal Year. As we didn't adopt the standard up until the last Fiscal Year, numbers excluding the impact are described in brackets for reference for comparison. Page four shows financial results for the Q2 and revised plan for the Fiscal Year ending March 2022. I will explain each segment later. Results for the H1 were severe, mainly due to a state of emergency.
Although we expect recovery in the H2 , the pace of recovery will be slower than our expectation in the beginning of this Fiscal Year. Therefore, we had to revise the initial plan. As you see on page four, operating revenues increased year-on-year. However, as you know, both non-consolidated and consolidated results for the H1 were around 60% of pre-COVID-19 level, the level of the H1 of two years ago. As shown on the right, full- year plan is also around 70% of the Fiscal Year ended March 2020. That means recovery to pre-COVID-19 level is not expected yet. As you see at the bottom, there is no change to full- year dividend of JPY 100 per share and interim dividend of JPY 50 per share from the initial forecast. Page six shows non-consolidated full- year plan.
On the far right, major factors behind year-on-year change from the last Fiscal Year to revised plan are described. Let me explain briefly change from April plan shown on the second column from the right. As for revisions from April plan, passenger revenues were revised down significantly. I will talk about the outlook later. Other revenues were revised up by JPY 73 billion. It's mainly due to liquidation of assets. We established JR East Real Estate Asset Management Co., Ltd. We intend to sell properties to funds formed by the company and build a turnover-based business model. As we do business of selling real estate as our business, we shifted real estate sales from extraordinary gains or losses to operating income or loss, starting with full- year plan this time. We revised down operating expenses. Expenses of each item was revised down.
We dug deeper into cost reduction plan we made in the beginning of this Fiscal Year. I will show you the list later. Non-operating income or expenses was revised up. It is mainly due to dividend income from subsidiaries, and the dividend income is eliminated in consolidated statements. Extraordinary gains or losses were revised down. As I mentioned earlier, we transferred real estate sales to operating revenues. In spite of this, the decrease is relatively small. That is because we'll increase sales of stocks, mainly cross-shareholdings from the initial plan. As a result, extraordinary gains or losses were revised down by JPY 17 billion. That's all for page six. Page seven shows consolidated results for the Q2 on the left and full- year plan on the right. Please look at change from April plan shown on the far right. I'll explain revenues and income by segment later.
Operating revenues of Real Estate and Hotels were revised up by JPY 48 billion due to the same reason I mentioned earlier. The reason why non-operating income or expenses was revised up by JPY 4 billion was because group companies received subsidy for cooperation to prevent the spread of infection. Loss attributable to owners of parent will be JPY 160 billion, which is JPY 196 billion worse than April plan. Now, I will talk about each segment specifically on page eight and after. For Transportation segment, results and outlook of passenger revenues accounting for a big share of the segment are shown here. As you can see, light yellow bars indicate the periods when a state of emergency was declared in Tokyo.
As you know, as a state of emergency was declared for long term in this Fiscal Year, passenger revenues were significantly impacted. This graph shows a comparison with pre-COVID-19 revenues. Both conventional lines in Kanto area network and Shinkansen revenues were sluggish. Dotted lines show April plan expecting recovery. As you see, results were lower than April plan. On the right, you see outlook for the Q3 and the Q4 . For the Q3 , 50% is expected for Shinkansen and 70% for conventional lines in Kanto area network for October and November. This situation is likely to last up until November. As vaccination for all those who want to be vaccinated will be over in November, we expect recovery after that. Having said that, actual results so far in October were slightly higher than 50% and 70% respectively.
Besides, reservations for Shinkansen for November recovered to around 60% of pre-COVID-19 level. That means the current situation is slightly better than the outlook shown here. However, as you know, there are risks of the sixth wave of infection. I hope you understand the outlook reflects all the risks. As indicated on the right, the outlook for the end of this Fiscal Year is 85% for both conventional lines in Kanto area network and Shinkansen. For Shinkansen, temporary demand due to Go To Campaign and others is expected, and the outlook after that is 80%. For the next Fiscal Year onwards, we haven't changed our outlook basically. As we explained in the past, we expect gradual recovery in 2022 onwards. Page nine shows retail and services. Results for the H1 are shown on the left and full- year plan on the right.
The numbers in brackets indicate numbers excluding the impact of Accounting Standard for Revenue Recognition that I mentioned earlier. For the H1 , as shown on the left, revenues decreased and income increased after application of Accounting Standard for Revenue Recognition. Both revenues and income increased excluding the impact. Below that, you see revenues of JR East Marketing and Communications and JR East Cross Station. As you can see, the revenues increased excluding the impact of Accounting Standard for Revenue Recognition. The comment on the right is about the results for the H1 , so please read the comment. The graph on the bottom shows the outlook. For Ekinaka business, centering around JR East Cross Station, we expect recovery to around 90% at the end of this Fiscal Year in line with the initial plan, as this business is closely linked to railway business.
On the other hand, as recovery of advertising business is slightly delayed, we revised down April plan for the end of this Fiscal Year by 20% to 70% of pre-COVID-19 level. Partly due to that, as shown on the top right, income will be lower than April plan. Page 10 shows real estate and hotels. In this segment, both revenues and income increased in the H1 and will increase for the full-year . Although I repeat myself, the major positive factor was liquidation of assets. As you see in the graph on the bottom, in shopping center business, we are seeing very good recovery of station buildings. We made upward revisions and expect recovery to almost pre-COVID-19 level at the end of this Fiscal Year.
For office business, as you know, mainly due to full opening of Kawasaki Delta and operation of JR Yokohama Towers throughout period, 120% will be maintained. Although hotel business struggled due to the impact of a state of emergency in the H1 , recovery to 80% is expected at the end of this Fiscal Y ear in line with the initial plan. Page 11 shows others. Both revenues and income of this segment decreased in the H1 . Excluding the impact of Accounting Standard for Revenue Recognition, revenues decreased and income increased from JPY 3.5 billion to JPY 4.2 billion. This is mainly due to View Card. We receive annual fee of View Card due to periodic allocation. Posting of the fee is postponed to the next Fiscal Year based on Accounting Standard for Revenue Recognition.
There is no change in the long run. Excluding the impact, income increased. For the full- year shown on the right, operating income is expected to be JPY 14 billion. However, excluding the impact of Accounting Standard for Revenue Recognition, operating income will be higher than that. We can expect increase in revenues and income also for the full- year. Having said that, as shown on the far right, income will be JPY 2 billion lower than April plan. As shown on the bottom, this is partly due to decrease in orders for IC cards at JR East Mechatronics. That's all for page 11. Page 12 shows the status of cost reduction. In the beginning of this Fiscal Year, I explained cost reduction plan of JPY 70 billion in total.
After that, in consideration of challenging business conditions and others, we revised the plan by more than JPY 30 billion to JPY 103.5 billion in total in October plan. Not only the parent company, but also group companies reduced bonuses and maintenance expenses further in the H1 , and we are seeing the effects. Consolidated capital expenditures were revised down by JPY 76 billion from the original plan of JPY 674 billion. The details are shown in reference materials. Out of JPY 76 billion, JPY 30 billion will be from investment needed for the continuous operation of business. This is due to cost reduction as a result of review of construction methods and others, and postponement of sub-investment to the next Fiscal Year onwards. JPY 41 billion from reduction will be from growth investment.
In the same way, this is due to cost reduction as well as timing difference of acquisition of real estate. JPY 5 billion of reduction will be from review on priority budget allocation. We revised down capital expenditures plan by JPY 76 billion in total. Page 13 shows fundraising. There is no change to policy and others. In the middle, the updated latest data of fundraising situation is shown. Please confirm that. Now I will talk about progress in Speed Up, Move Up 2027. Please look at our initiatives in the H1 and future direction. As you see on page 15, there is no change to conventional policies of Speed Up, Move Up 2027 and the three pillars. Page 16 is regarding growth and innovation. As the state of emergency was released and demand is recovering, we will make sure not to miss such a momentum.
We will create demand for travel aimed at vaccinated people and roll out campaigns and others. We also rolled out TOHOKU MaaS during the Tohoku destination campaign in the H1 . We will continue that. In particular, in Ichinoseki area, we are incorporating MaaS into on-demand transportation and implementing various initiatives for more convenience and usability. Regarding revision of green car surcharges shown on the bottom, we made a press release on October 26. We set surcharges which was once reduced back to the previous level. The effect is expected to be JPY 1 billion and hundreds of millions. We want to start the revision from spring of 2022. As green car surcharges can be revised with notification, revision was made speedily. Page 17 shows creation of towns as a part of growth strategies. I think you are familiar with Shinagawa development project as well as Takanawa Gateway.
In anticipation of mid to long term, we are working on development projects shown here, such as projects in Shibaura, Nakano, and Hamamatsucho. The projects in Shibaura, Hamamatsucho, and Nakano Station new north exit station front area are all collaborative projects with other business operators. In Nakano, we are working on improvement of the station and development of free passage. In Hamamatsucho, we are conducting construction for free passage and over-track station building. By participating in development projects near stations, including improvement of stations, we will create towns with total appeal and enhance earning power. Beyond Stations Concept is about enhancement of additional value of stations. We are working on various initiatives mentioned here, including those at probing test stage. Page 18 is regarding strengthening of management efficiency.
As shown on the top right, we already announced reduction of Midorino Madoguchi ticket offices in response to shift to ticketless and cashless society in May. As a result, we can also expect reduction in the number of personnel and creation of station space. As for mitigation of demand peaks, we revised reserved seat limited express charge to reflect seasonal fluctuations on October 5th with notification. As it is possible to revise a charge with notification, we plan to introduce the revised charges reflecting different demand level on April 1st, 2022. For reference, approval is required to revise non-reserved seat limited express charge shown on the bottom. Page 19 is also about strengthening of management efficiency. We are advancing driver-only operation and other measures also for buses, as we discussed in the past. We are also advancing smart maintenance smoothly in each system and in each division.
We think such efforts are also contributing to cost reduction in the medium term. Although there is no mentioning about timetables this time, we revised timetables for last train services in the revision of last year. We are currently considering timetable revision scheduled for spring in this Fiscal Year. We are considering to set more flexible timetables to meet customer demand. We will make an announcement when it is decided. Page 20 is regarding streamlining of facilities, mainly of local lines that we've been discussing. As shown on the right, we are removing overhead contact lines. While making plans for that, we started to explain to local governments. The reason why we take such measures as removal of electric facilities with local governments is to reduce maintenance costs. Furthermore, as aging of those facilities is progressing, investment needed for the continuous operation of business will be necessary.
When we take that into consideration, the cost will be quite huge. We are saying removal of such facilities will lead to preservation of railway lines. People tend to take removal of overhead contact lines negatively. However, we are working on initiatives to introduce accumulator rail cars and hybrid rail cars as shown in the pictures at the bottom in consideration of environment and others. We are also developing hydrogen-powered rail cars for the future. If we assume such rail cars, overhead contact lines will be no longer necessary. Lastly, page 21 shows ESG-oriented management, mainly initiatives in the environmental field. On the left, JR East and group companies' initiatives to aim for zero carbon in the Fiscal Year ending March 2051 are introduced. We are steadily advancing various initiatives. That concludes my presentation. We slightly changed the format of reference materials as we enriched data and others.
Please refer to the materials. Thank you very much.