BUENOS AIRES, Argentina, Nov. 11, 2019 /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 2020 ended September 30, 2019.
- The net result of the first quarter of the FY 2020 recorded a gain of ARS 10,983 million compared to a gain of ARS 9,059 million in the IQ19, mainly explained by the result from the deconsolidation of Gav-Yam due to the loss of control offset by lower results of Clal's market valuation in the Israel business center and lower results from changes in the fair value of investment properties in the Argentine business center.
- The adjusted EBITDA for the first quarter of 2020 was ARS 5,268 million (ARS 1,434 million from the Argentine business center and ARS 3,834 million from the Israel business center), increasing by 28.6% compared to the same quarter of 2019.
- Adjusted EBITDA of the rental segments in Argentina decreased 4.1% in the compared quarter, mainly due to the decrease of 14.5% in shopping centers and 33.8% in hotels partially offset by a growth of 62,5% in the office segment.
- On October 30, our Shareholders' Meeting has approved a dividend in kind for the sum of ARS 480 million payable in shares of IRSA Propiedades Comerciales (0.00404623926578 IRCP shares / IRSA shares and 0.0404623926578 IRCP / ADR IRSA shares).
(In millions of Argentine Pesos)
3M FY 2020
Ended September 30, 2019
Consolidated Gross Profit
Net result from changes in the fair value of investment properties
Consolidated Profit from Operations
Profit 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 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% indirect stake in IDB Development Corporation and 82.31% 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 2020 Results Conference Call on Tuesday, November 12, 2019, 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.