However, we focused about JPY5 billion in pretax profit contribution in the latter half of this fiscal 2024 March, and I expect to return up to around JPY10 billion in profits in fiscal 2025 March. In real estate operations, the average value rate and the lodging facilities have already surpassed pre-pandemic levels and increase in inbound tourism has to believe that additional improvements is – can be expected. And as for MICE-IR, we have signed an agreement with Osaka City and Prefecture late September. Although the investment amount is higher than we had usually planned on to inflation and rising construction costs. We judge that the project still allows MGM and ORIX partnership to secure desired level profitability. So we are financing details original contractors.
And we are preparing to begin construction in 2025 following resolution of land substance issues. The primary reason for 38.82% progress has been poor performance at ORIX USA – despite the weaker yen and the extent to which we can recover from that is going to be one of the challenges for the second half. In the U.S., high interest rate persists, which means that we accelerated sales of existing assets, approximately US$750 million worth. And we also limited new deals, but unfortunately, credit costs and allowance of double accounts increasing. So for fiscal 2024 March, we are strengthening credit risk monitoring and the prioritizing risk controls, and we anticipate that ORIX USA will underperform the initial profit target by about US$200 million.
And in other words, whether other segments can offset that is going to be the challenge for the fiscal 2024 March earnings outlook, Robeco Group. AUM declined during the first half, but it has hit bottom and at recovery track. And we expect roughly 10% year-on-year decline in fee income for fiscal 2024 March. However, new funds such as ESG-related funds and active ETFs are launching, and the outlook of the business remains bright. ORIX Europe, overall AUM is €301 billion, and the segment profit pretax income was €125 million for the six months. AUM for Robeco parent is €166 billion, and we will continue to improve earnings in this segment. In aircraft and ships, passenger numbers in the United States and Europe remain at the record high levels and airline demand for the leased aircraft is strong.
We thus expect to accelerate the number of purchases and aircraft sales in the second half. While it could take some time for earnings to recover owing to the higher euro and U.S. dollar hedging cost we expected acceleration in asset sales to allow for improvement in ROE, ROA and additional earnings contribution. In Page 11, in 2017, we purchased 10,988,577 shares in the renewable energy developer and operator Ormat Technologies for US$626 million. In November 2022, we sold 7.69% of this stake and booked $113 million or JPY15.9 billion gain on sale. We continue to hold 11.08% of the stock and the current share price is around $62 per share in comparison to the purchase price of $57. Although, the shares are down owing to the Israel/Hamas conflict and other factors, the shares remain at the acceptable level even after considering four hedging costs, but we plan to take a wait and see stance.
At the time of purchase, Oman’s adjusted EBITDA was US$344 million and the company’s guidance for the earning is between $480 million to $510 million for this fiscal year. Operating capacity have increased from 700 megawatt at the time of acquisition to 1.2 gigawatt, and by 2025, the capacity is slated to increase to between 1.9 gigawatt to 2.0 gigawatt. We view this as an exciting future investment portfolio. For the overseas renewable energy business, Elawan has a portfolio of 1.65 gigawatt in operating assets and generate earnings contributions of more than $90 million – €90 million annually on a total asset of €2.67 billion. The firm has roughly 8 gigawatt of capacity either under construction or in development, and we are moving ahead with plans to sell certain assets, chiefly those with stable cash flows.
Elawan, its earnings flow into ORIX Group is six-month lag, and some asset sale may be posted during the next fiscal year. However, we expect to be able to achieve ROA of 3% or higher for this business. Elawan’s asset in operation have more than doubled in two years since it joined ORIX Group. This and its rich pipeline make us believe the firm has a portfolio ripe for capital recycling in the future. We plan to develop Elawan into a core part of ORIX core portfolio. In 2021, ORIX acquired 20% of outstanding shares of Greenko and has now invested a cumulative of US$978 million. We own a total of 6.3 gigawatt in solar, wind and hydroelectric assets in operation and has three large scale pumped storage projects equivalent to 4.6 gigawatt under construction.
We have a total of development pipeline of 12 gigawatt, including new pumped storage projects. In pumped storage project construction, steady progress is being made in concluding off-take contracts and Greenko plans to begin operating some of the projects from June 2024. We strongly believe that the investment value of the Greenko has increased substantially. Page 12, at DHC, which we acquired last year, we have implemented a new management structure. We are improving governance and compliance, IT strategy, product strategy and are rebuilding marketing efforts and executing the post-merger integration or PMI, such as reviewing business in Greater China. Preparation to take Toshiba private are underway. Following the November 22 Extraordinary Shareholder Meeting, the company is set to be delisted on December 20.
We executed LP equity investment and mezzanine loan of JPY100 billion each and expect earnings contribution from next year and onwards. The timing of when gains on the sale of assets are booked will be an impact on whether or not we achieve the FY2024 March earnings outlook for JPY330 billion in net income, depending on the progress made in the individual deals, there’s a possibility that we may have to revise our targets. Nonetheless, we will continue to do our most to meet our earnings forecast. Finally, ORIX Group has revised our corporate philosophy and I’d like to announce the new ORIX Group purpose and culture. Our purpose defines our ORIX Group’s why ORIX Group exists in the world and our culture is a set of shared value. In order to bring this purpose to life, I would like to support its widespread acceptance as a shared way of thinking among ORIX Group people globally.
I hope that ORIX Group can unify around ORIX Group purpose and culture as we seek to bring new values to all our stakeholders worldwide. Thank you very much for your attention.
