BUENOS AIRES, Argentina, Nov. 8, 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 first quarter of the Fiscal Year 2019 ended September 30, 2018.
- Adjusted EBITDA for the three-month period of FY 2019 was ARS 3,048 million (ARS 855 million from Argentina Business Center and ARS 2,193 million from Israel Business Center), increasing by 31% with respect to the same period of FY 2018.
- The net result for the period recorded a gain of ARS 11,084 million compared to a gain of ARS 74 million in the same period of fiscal year 2018, mainly explained by higher results due to changes in the fair value of investment properties in Argentina Business Center and higher results from our investment in CLAL in Israel Business Center, valued at market value.
- Adjusted EBITDA of the rental segments in Argentina grew by 31.3% compared to the same period of previous fiscal year, mainly driven by the office and hotel businesses, which have income in dollars, partially offset by an 11% growth in the shopping malls business.
- We reached 98.7% occupancy in shopping centers, 93.4% in offices and 64.5% in our hotel portfolio.
- On October 29, the Shareholders Meeting approved a dividend in kind for the sum of ARS 1,412 million payable in shares of IRSA Commercial Properties (0.0110911403208 IRCP shares/ IRSA shares and 0.110911403208 IRCP shares/IRSA ADR). Dividend yield 5%.
- As a subsequent event, in November 2018, we sold to our subsidiary IRSA Propiedades Comerciales the total square meters we owned of the building under construction "Catalinas" (14,213 sqm) for a fixed amount of USD 60.3 million.
Consolidated Gross Profit
Net result from changes in the fair value of investment properties
Consolidated Profit from Operations
Profit / (Loss) For the Period
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 BYMA 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 an 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% indirect stake in IDB Development Corporation and 77.92% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.
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 FY 2019 Results Conference Call on Friday, November 09, 2018, at 09:00 AM US Eastern Time / 11:00 AM BA Time.
If you would like to participate, please call:
United States: 1-844-717-6831
To access the webcast, click on the link below:
SOURCE IRSA Inversiones y Representaciones S.A.