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IRSA Inversiones y Representaciones S.A. Announces its Results for the Third Quarter of Fiscal Year 2020 Ended March 31

BUENOS AIRES, Argentina, June 9, 2020 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the third quarter of the Fiscal Year 2020 ended March 31, 2020.

HIGHLIGHTS

  • Net Income for the nine-month period of 2020 registered a loss of ARS 4,187 million compared to a loss of ARS 13,442 million during the same period of 2019. This lower loss is mainly explained by the result from the deconsolidation of Gav-Yam, offset by lower results of the market valuation of Clal in the Israel operations center and net financial losses in Argentina.
         
  • Net income attributable to the controlling shareholder registered a loss of ARS 9,567 million compared to a loss of ARS 13,050 million in the nine-month period of 2019.
        
  • Adjusted EBITDA for the nine-month period of 2020 increased by 38.1% reaching ARS 20,993 million, ARS 5,168 million coming from the Argentina Business Center, which decreased 6.3%, and ARS 15,825 million from the Israel Business Center, which increased by 63.3%.
        
  • On March 20, as a consequence of the social, preventive and compulsory isolation decreed in Argentina due to the COVID-19 pandemic, hotels and shopping centers throughout the country were closed, working exclusively those stores dedicated essential activities such as pharmacies, supermarkets and banks. This negative impact will be reflected mainly in the Financial Statements for the fourth quarter of FY 2020 as it only affected 10 days of operations this quarter.
       
  • As a subsequent event, in May 2020, we issued notes in the local market for the amount of USD 65.8 million. Proceeds will be mainly used to refinance short term liabilities.

  

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2020




Income Statement

03/31/2020

03/31/2019

Revenues

69,564

66,184

Consolidated Gross Profit

25,740

23,971

Net result from changes in the fair value of investment properties

(275)

(8,396)

Consolidated Profit / (loss) from Operations

7,005

(614)

Result for the Period

2,232

(7,635)




Attributable to:



IRSA's Shareholders

(12,331)

(12,338)

Non-Controlling interest

14,563

4,703




EPS (Basic)

(16.61)

(22.68)

EPS (Diluted)

(16.61)

(22.68)




Balance Sheet

03/31/2020

06/30/2019

Current Assets

178,370

191,618

Non-Current Assets

347,626

452,144

Total Assets

525,996

643,762

Current Liabilities

124,730

100,310

Non-Current Liabilities

318,158

427,050

Total Liabilities

442,888

527,360

Non-Controlling Interest

54,398

72,896

Shareholders' Equity

83,108

116,402

 

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, with investments in the US and Israel, cordially invites you to participate in its IIIQ FY 2020 Results Conference Call on Wednesday, June 10, 2020, at 11:00 AM US Eastern Time / 12:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/95013274594?pwd=YnF2Qkg1aTNOdWlySTU0Znd4YWpiQT09 
Webinar ID: 950 1327 4594
Password: 967076

In addition, you can participate communicating to this numbers: 
Argentina: +54 112 040 0447 or +54 341 512 2188 or +54 343 414 5986
Israel: +972 55 330 1762 or +972 3 978 6688
Brazil: +55 21 3958 7888 or +55 11 4680 6788 
US: +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592
Chile: +56 23 210 9066 or +56 232 938 848 or +56 41 256 0288

Investor Relations Department
+ 5411 4323-7449
ir@irsa.com.ar 
https://www.irsa.com.ar/home-inversores.php?lng=en 
Follow us on Twitter @irsair

Cision View original content:http://www.prnewswire.com/news-releases/irsa-inversiones-y-representaciones-sa-announces-its-results-for-the-third-quarter-of-fiscal-year-2020-ended-march-31-301073320.html

SOURCE IRSA Inversiones y Representaciones S.A.

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