BUENOS AIRES, Argentina, Feb. 9, 2018 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina announces today its results for the second quarter of FY 2018 ended December 31, 2017.
- Adjusted EBITDA for the first semester of FY 2018 was ARS 7,166 million (ARS 1,459 million from the center of operations in Argentina and ARS 5,707 million from the center of operations in Israel), increasing by 38.0% compared to the same semester of 2017 (20% of increase in the center of operations in Argentina and 44% in the center of operations in Israel).
- Net result for the six months' period registered a gain of ARS 10,831 million compared to a gain of ARS 6,816 million in fiscal year 2017, mainly explained by a higher result due to a change in the fair value of investment properties due to the impact of the tax reform implemented in Argentina and for the effects of the exchange rate on them, offset by the loss recorded in our center of operations in Israel as a result of the partial debt swap made by Discount Corporation Ltd. ("DIC").
- Tenant Sales in our malls grew by 22.6% during the first semester of FY2018 while the average rent of the office portfolio reached USD/sqm 26.9. Adjusted EBITDA of the rental segment increased by 18.6% in the compared semester.
- We reached 99.1% occupancy in our shopping malls, 93.2% occupancy in our offices and 71.5% in our hotels' portfolio.
- 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.
- In December, 2017, IRSA acquired, through Dolphin, the remaining 31.7% of IDBD held by IFISA reaching 100% stake in IDBD's share capital.
(In millions of Argentine Pesos)
Ended December 31, 2017
Consolidated Gross Profit
Net result from changes in the fair value of investment properties
Consolidated Profit from Operations
Profit 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 100.0% 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 IIQ 2018 Results Conference Call on Friday, February 16, 2018, at 1:00 PM 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:
SOURCE IRSA Inversiones y Representaciones S.A.