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.
HIGHLIGHTS
- 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).
Financial Highlights
(In millions of
Argentine Pesos)
3M FY 2020
Ended September 30, 2019
|
Income
Statement
|
09/30/2019
|
09/30/2018
|
|
Revenues
|
18,610
|
16,376
|
|
Consolidated Gross
Profit
|
6,824
|
5,867
|
|
Net result from
changes in the fair value of investment properties
|
9,032
|
10,187
|
|
Consolidated Profit
from Operations
|
11,327
|
12,391
|
|
Profit For the
Period
|
10,983
|
9,059
|
|
|
|
|
Attributable
to:
|
|
|
|
IRSA's
Shareholders
|
3,298
|
7,982
|
|
Non-Controlling
interest
|
7,685
|
1,077
|
|
|
|
|
EPS
(Basic)
|
5.74
|
13.88
|
|
EPS
(Diluted)
|
5.70
|
13.79
|
|
|
|
|
Balance
Sheet
|
09/30/2019
|
06/30/2019
|
|
Current
Assets
|
164,070
|
158,978
|
|
Non-Current
Assets
|
354,224
|
375,128
|
|
Total
Assets
|
518,294
|
534,106
|
|
Current
Liabilities
|
101,574
|
83,226
|
|
Non-Current
Liabilities
|
333,290
|
354,308
|
|
Total
Liabilities
|
434,864
|
437,534
|
|
Non-Controlling
Interest
|
45,756
|
60,478
|
|
Shareholders'
Equity
|
83,430
|
96,572
|
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
International: 1-412-317-6388
ID# IRSA
To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=e4be839d-6ab4-4ed8-9677-89be73cbdc46
Investor Relations Department.
IRSA Inversiones y
Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar
www.irsa.com.ar
Follow us on Twitter @irsair
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SOURCE IRSA Inversiones y Representaciones S.A.