So these deals, in fact, will create some ups and downs. And so therefore, there has been some, as I say, ups and downs in our earnings as a result, but the first quarter was the bottom, and we did manage to recover from the bottom somewhat. So the real estate Lument, in fact, has not fully recovered yet, and that is because of the interest rate being pretty kind of volatile, so we have to see it shutting down. But I’m not — we are not worried about credit very much though. Of course, we would have to have a conservative outlook. So far as the reserve appreciation is concerned, but there is nothing major that concerns us. And as for PE investment, there are some, I think, actions that will be taken. Whether these actions will be taken in the fourth quarter or in the next fiscal period, but there will be certain amount of exits as well.
So towards the next fiscal period, how much more can we improve the earnings is yet to be known, but for sure, we are aiming to increase the profit. On the other hand, as to the U.S. businesses, as I had shared a little earlier, we don’t particularly intend to increase the asset in a dramatic way. So just like OCE the public assets — not in the public asset management businesses, but the fund formation and all of that, so more than before, we would very much like to increase the businesses, not in a dramatic manner, but thereby, of course, recover the business of ORIX USA and that is our idea. I hope this answers your question.
Natsumu Tsujino: Yes, yes. Well, talking about the vehicles, the transportation equipment, you in fact shared that you did manage to post some profit from selling ships, the vessels, but you have not shared very many kind of details. Avolon, yes, that is held on equity method. That is okay. But the other like gain on sales for those assets, I think it will be helpful if you could be so kind enough to share us a little more details.
Hitomaro Yano: Well, from that perspective, with regard to ships, at this point in time, there are some extraordinary factors that needs to be taken into account because ships after all, every year, on a continued basis, we don’t — we would be able to generate profit on a constant basis. But rather we would kind of approach it in a conservative manner and if they were ever possible, we would try to generate profit. So for ships, I don’t know how to explain, but for this fiscal period, maybe several billions of yen, several billions of yen, I would say, for ships.
Natsumu Tsujino: This fiscal period, you mean by four, three months of this fiscal period — for this quarter?
Hitomaro Yano: No, no, for the full year, I mean, for full year, several billions of yen.
Natsumu Tsujino: So several billions of yen for the full year, meaning that I think you’re talking about the little more sizable business, right?
Hitomaro Yano: Well, it’s not a big size, somewhere in the middle if you could be so kind enough to understand where we’re coming from.
Natsumu Tsujino: So this fiscal period as compared to the first half, it will be smaller in the first half in any case. Is that what you’re saying?
Hitomaro Yano: Yes. So for the transportation equipment, the recovery of the business, so it is not affected by the primary reasons, may I take it?
Natsumu Tsujino: What do you mean by, you mean, oh one time reasons? In other words, sales — in other words, you are recovering in the businesses as opposed to the gain on sales.
