BUENOS AIRES, Argentina,
May 10, 2018 /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 FY 2018 ended March 31,
2018.
HIGHLIGHTS
- Adjusted EBITDA for the nine-month period of FY 2018 was
ARS 10,116 million (ARS 2,140 million from Argentina Business Center
and ARS 7,976 million from Israel
Business Center), increasing by 35.0% compared to the same period
of 2017 (14% of increase in Argentina Business Center and 44% in
Israel Business Center).
- Net result for the nine months' period of FY18 registered a
gain of ARS 11,290 million compared
to a gain of ARS 6,506 million in the
same period of fiscal year 2017, mainly explained by a higher
result due to a change in the fair value of investment properties
due to the impact of the tax reform implemented in Argentina and for the effects of the exchange
rate on them, offset by the loss recorded in our center of
operations in Israel as a result
of the partial debt swap made by Discount Corporation Ltd.
("DIC").
- Tenant Sales in our malls grew by 24% during the nine-month
period of FY2018 while the average rent of the office portfolio
reached USD/sqm 26.9. Adjusted EBITDA of the rental segment
increased by 19.1% in the compared period.
- We reached 98.6% occupancy in our shopping malls, 91.1%
occupancy in our offices and 71.9% in our hotels' portfolio.
- In Israel Business Center, we have sold during the quarter and
subsequently, an additional 10% of Clal Insurance through two swap
transactions. The stake of IDBD in Clal reduced to 34.8% of its
stock capital.
Financial Highlights
(In millions of
Argentine Pesos)
IIIQ18 ended March 31, 2018
Income
Statement
|
03/31/2018
|
03/31/2017
(adjusted)
|
Revenues
|
65,696
|
55,201
|
Consolidated Gross
Profit
|
20,932
|
16,739
|
Net result from
changes in the fair value of investment properties
|
12,796
|
3,042
|
Consolidated Profit
from Operations
|
18,691
|
6,814
|
Profit For the
Period
|
11,290
|
6,506
|
|
|
|
Attributable
to:
|
|
|
IRSA's
Shareholders
|
9,405
|
3,784
|
Non-Controlling
interest
|
1,885
|
2,722
|
|
|
|
EPS
(Basic)
|
16,36
|
6,58
|
EPS
(Diluted)
|
16,24
|
6,54
|
|
|
|
Balance
Sheet
|
03/31/2018
|
06/30/2017
|
Current
Assets
|
84,227
|
65,492
|
Non Current
Assets
|
195,530
|
165,750
|
Total
Assets
|
279,757
|
231,242
|
Current
Liabilities
|
51,401
|
46,434
|
Non Current
Liabilities
|
169,305
|
137,472
|
Total
Liabilities
|
220,706
|
183,906
|
Non-Controlling
Interest
|
28,400
|
21,472
|
Shareholders'
Equity
|
59,051
|
47,336
|
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 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 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 76.6% indirect
stake in Discount 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 2018
Results Conference Call on Friday, May 11,
2018, at 10:00 AM Eastern
Time
If you would like to participate, please call:
United States: (844) 308-3343
International: +1-(412) 717-9602
ID# IRSA
To access the webcast, click on the link
below: http://webcastlite.mziq.com/cover.html?webcastId=84f9ca09-47a6-4eff-8228-fc2fa902e032
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.