BUENOS AIRES, Argentina,
Nov. 11, 2016 /PRNewswire/ -- IRSA
Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the
leading real estate company in Argentina, today announces its results for the
first three months of Fiscal Year 2017 Ended September 30, 2016.
HIGHLIGHTS
- EBITDA for the first quarter of FY 2017 reached ARS 2,556 million (ARS 503
million from Argentina and
ARS 2,053 million from Israel) while the net result registered a loss
of ARS 782 million mainly explained
by higher financial costs due to the consolidation of IDB
Development Corporation and exchange rate differences.
- Tenant Sales in our malls grew by 21% in the first quarter of
FY 2017 and the EBITDA of the segment increased by 22% reaching
ARS 512 million.
- There were no results from sales of investment properties in
the Operation Center in Argentina
during IQ17 compared to a gain of ARS 390
million during IQ16.
- We maintained our stake of 68.3% in IDB Development Corporation
and acquired from IDBD a stake of 8.8% of Discount Investment
Corporation during the quarter.
- IRSA issued a local bond for $ 184.5
million at 7% and ARS 384.2
million Badlar + 299 bps due 2019 to cancel almost its total
short-term debt.
Financial
Highlights
|
(In millions of
Argentine Pesos)
|
Three month period 3M
2017
|
Ended September 30,
2016
|
|
Income
Statement
|
09/30/2016
|
09/30/2015
|
Revenues
|
18,687
|
968
|
Consolidated Gross
Profit
|
5,420
|
533
|
Consolidated Profit
from Operations
|
1,147
|
724
|
Profit / (Loss) For
the Period
|
(782)
|
(316)
|
|
|
|
Attributable
to:
|
|
|
IRSA's
Shareholders
|
(577)
|
(276)
|
Non-Controlling
interest
|
(205)
|
(40)
|
|
|
|
EPS
(Basic)
|
(1.00)
|
(0.48)
|
EPS
(Diluted)
|
(1.00)
|
(0.48)
|
|
|
|
Balance
Sheet
|
09/30/2016
|
06/30/2016
|
Current
Assets
|
58,645
|
42,763
|
Non Current
Assets
|
104,099
|
116,237
|
Total
Assets
|
162,744
|
159,000
|
Current
Liabilities
|
50,329
|
43,600
|
Non Current
Liabilities
|
98,928
|
101,899
|
Total
Liabilities
|
149,257
|
145,499
|
Non-Controlling
Interest
|
13,022
|
12,386
|
Shareholders'
Equity
|
13,487
|
13,501
|
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: 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 Bolsa de Comercio
de Buenos Aires 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 (specializing in
high-rises and loft-style conversions) 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 68.3% stake in the largest
conglomerate in Israel, IDB
Development Corporation.
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 First
three-month 2017 Results Conference Call on Monday, November 14, 2016, at 12:00 PM Eastern Time.
If you would like to participate, please call:
United States: (877) 317-6776
International: +1-(412) 317-6776
ID# IRSA
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=knxTtN1usO7YU%2FH%2BzZrzqw%3D%3D
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.