BUENOS AIRES, Argentina, Nov. 9, 2017 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, today announces its results for the first quarter of FY 2018 Ended September 30, 2017.
- Adjusted EBITDA for the first quarter of FY 2018 reached ARS 3,215 million (ARS 707 million from Argentina and ARS 2,508 million from Israel), increasing by 28.4% compared to IQ17.
- Net result for IQ18 registered a gain of ARS 74 million compared to a gain of ARS 344 million in IQ17 mainly explained by a non cash loss of ARS 2.228 million coming from Israel Business Center as a result of a partial debt exchange at Discount Corporation Ltd. level.
- Tenant Sales in our malls grew by 22.5% in IQ18 while the average rent per sqm of the office portfolio reached USD/sqm 26.8. EBITDA of the rental segment increased by 26.1% in the compared quarter.
- We reached 98.8% occupancy in our shopping malls, 96.2% occupancy in our offices and 68.4% in our hotels' portfolio.
- In October 31, 2017, our Annual Shareholders' meeting has approved the distribution of a cash dividend for the sum of ARS 1,400 million (ARS/share 2.4191 and ARS/ADR 24.1931) that will be made available for shareholders on November 14, 2017.
- In October 2017, we have sold in the secondary market 10.2 million shares of IRSA Commercial Properties for a total amount of USD 138.2 million.
Consolidated Gross Profit
Net result from changes in the fair value of investment properties
Consolidated Profit from Operations
Profit / (Loss) For the Period
Non Current Assets
Non Current Liabilities
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments and owns three luxury hotels Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 68.3% stake in the largest conglomerate of Israel, IDB Development Corporation.
A longer version of this press release with detailed information is available on the web site: http://www.irsa.com.ar.
IRSA cordially invites you to participate in its IQ 2018 Results Conference Call on Tuesday, November 14, 2017, at 8:00 AM Eastern Time.
If you would like to participate, please call:
United States: (844) 308-3343
International: +1-(412) 717-9602
To access the webcast, click on the link below:
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SOURCE IRSA Inversiones y Representaciones S.A.