Mitsubishi Estate Co has reported 34% fall in its first-quarter net profit as it sold fewer apartments after the country’s earthquake on March 2011,  Bloomberg reported.

Net income fell to 4.5 billion yen ($57 million) in the three months ended June 30 from 6.8 billion yen a year earlier, the Japan-based developer by market value said.

Mitsubishi Estate Co said its sales rose 13% to 213 billion yen. The Japan-based company said it expects its housing profit to fall 75% this year because of the earthquake.

Mitsubishi  Estate has left its net income forecast unchanged at 55 billion yen on sales of 977 billion yen for the year through March 2012.

Revenue from the residential business slipped 38% in the quarter from the same period a year earlier.

Japanese property companies including Mitsubishi Estate are facing slower economic growth as the country struggles to rebuild in the wake of the nation’s strongest earthquake and tsunami that led to a nuclear disaster.

Mitsubishi Estate is involved in property management and architecture and design. The company owns Japan's tallest building, the Yokohama Landmark Tower, as well as the Sanno Park Tower and Marunouchi Building in Tokyo.