BUENOS AIRES, Argentina, May 13, 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 third quarter of the Fiscal Year 2019 ended March 31, 2019.
- Net result for the 9 month period of fiscal year 2019 registered a loss of ARS 9,065 million, 186.6% 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 and higher financial losses as a result of the exchange depreciation in Argentina Business Center
- Adjusted EBITDA for the nine-month period of FY 2019 was ARS 13,380 million (ARS 3,995 million from Argentina Business Center and ARS 9,835 million from Israel Business Center), increasing by 6.9% with respect to the same period of FY 2018.
- Adjusted EBITDA of Argentina rental segment grew by 7.1% 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 13.9% in the shopping malls segment.
- We reached 94.5% occupancy in shopping centers, 91.4% in offices and 69.3% in our hotels´ portfolio.
- On May 2019, as a subsequent event, the company issued a bond in the local market for USD 96.3 million due November 2020 at a fixed dollar interest rate of 10%. The funds will be used to refinance short-term liabilities.
(In millions of Argentine Pesos)
9M FY 2019
Ended March 31, 2019
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 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 IIIQ FY 2019 Results Conference Call on Monday, May 13, 2019, at 02:00 PM US Eastern Time / 03:00 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.