SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549




                                    FORM 6-K




                            REPORT OF FOREIGN ISSUER
                      PURSUANT TO RULE 13A-16 OR 15B-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934




                          For the month of March, 2003




              IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA
             (Exact name of Registrant as specified in its charter)


                    IRSA INVESTMENTS AND REPRESENTATIONS INC.
                 (Translation of registrant's name into English)


                              REPUBLIC OF ARGENTINA
                 (Jurisdiction of incorporation or organization)

                                   BOLIVAR 108
                                   (C1066AAB)
                             BUENOS AIRES, ARGENTINA
                    (Address of principal executive offices)


                         Form 20-F [X]   Form 40-F [ ]




                  Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.


                               Yes [ ]   No [X]













              IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA
                                 (THE "COMPANY")

                               REPORT ON FORM 6-K

         Attached is an English translation of the summary of the letter filed
by the Company with the Bolsa de Comercio de Buenos Aires and the Comision
Nacional de Valores: on March 19, 2003.







         By letter dated March 19, 2003 letter filed with the Bolsa de Comercio
de Buenos Aires and the Comision Nacional de Valores: on March 19, 2003, the
Company informed reported in relation with:

         1.Company's 31% share ownership in Valle de Las Lenas S.A 's capital
stock ("shares") and convertible notes acquired for US$ 2,4 million during the
second half of last year; and

         2.The Piscis Hotel ("Hotel") located in the ski resort denominated
Valle de Las Lenas in the province of Mendoza, acquired for US$ 1,4 million in
September 2002;

         That the Company sold of all the shares for US$ 6,5 million as well and
the Hotel for US$ 3,2 million.

         This operation represents an extraordinary earning of U$S 5,9 million
         for the Company in less than 8 months










                                   SIGNATURES



Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

                   IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA


                   By:  /S/ Saul Zang
                           Name: Saul Zang
                           Title: Second Vice Chairman of the Board of Directors





Dated: March 19, 2003