BUENOS AIRES, Argentina, Sept. 9, 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 Fiscal Year 2019 ended Junes 30, 2019.
- The Net Income for fiscal year 2019 recorded a loss of ARS 26,847 million compared to a gain of ARS 23,237 million registered in 2018. This is mainly explained by the loss recorded by changes in the fair value of investment properties in Argentina Business Center.
- The adjusted EBITDA for fiscal year 2019 was ARS 19,715 million (ARS 5,640 million from Argentina Business center and ARS 14,075 million from Israel Business Center), increasing by 13.4% compared to 2018.
- Adjusted EBITDA of rental segments in Argentina grew 6.8% in the compared fiscal years, mainly driven by office and hotel segments, which have dollar-denominated revenues, offset by a 15.3% drop in the shopping center business.
- In the Argentine Business Center, during fiscal year 2019 and subsequently, we have issued notes in the local capital market for the amount of USD 226.5 million with the objective of refinancing short-term liabilities.
- In the Israel Business Center, we have sold an additional 19.5% of Clal Insurance during the year and subsequently. IDBD's stake in Clal, directly and through swaps, was reduced to 35.3% of its share capital.
(In millions of Argentine Pesos)
Ended June 30, 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 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 82.3% 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 FY 2019 Results Conference Call on Tuesday, September 10, 2019, at 09:00 AM US Eastern Time / 10:00 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.