BUENOS AIRES, Argentina, March 1, 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 second quarter of the Fiscal Year 2019 ended December 31, 2018.
- From this quarter onwards, the Company releases its Financial Statements adjusted for inflation according to the rule IAS 29 and local regulations that set that companies using the Argentine peso as their functional currency must release Financial Statements adjusted for inflation since December 31, 2018. Thus, all non-monetary assets and liabilities, the Equity, as well as all comparative figures for previous quarters or fiscal years, have been adjusted to constant currency as of December 31, 2018.
- Net result for the 6-month period of fiscal year 2019 reached a loss of ARS 5,447.0 million, 144.9% lower than the gain registered in the same period of 2018, mainly explained by lower results from changes in the fair value of investment properties in Argentina Business Center.
- Adjusted EBITDA for the six-month period of FY 2019 was ARS 8,628 million (ARS 2,527 million from Argentina Business Center and ARS 6,101 million from Israel Business Center), decreasing by 13.1% with respect to the same period of FY 2018.
- Adjusted EBITDA of the rental segments in Argentina grew by 6.2% compared to the same period of previous fiscal year, mainly driven by the office and hotel segments, which have income in dollars, partially offset by a decrease of 9.8% in the shopping malls segment.
- We reached 95% occupancy in shopping centers, 90% in offices and 68.5% in our hotels´ portfolio.
- On November 2018, we have distributed a dividend in kind with shares of IRSA Commercial Properties for the sum of ARS 1,412 million (0.0110911403208 shares IRCP/share IRSA and 0.110911403208 IRCP shares/IRSA ADR). Dividend yield 5%.
(In millions of Argentine Pesos)
IIQ FY 2019
Ended December 31, 2018
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 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 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 IIQ FY 2019 Results Conference Call on Wednesday, March 06, 2019, at 10:00 AM US Eastern Time / 12:00 PM BA Time.
If you would like to participate, please call:
United States: 1-844-204-8586
To access the webcast, click on the link below:
SOURCE IRSA Inversiones y Representaciones S.A.