BUENOS AIRES, Argentina,
Feb. 9, 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
second quarter of FY 2018 ended December 31,
2017.
HIGHLIGHTS
- Adjusted EBITDA for the first semester of FY 2018 was
ARS 7,166 million (ARS 1,459 million from the center of operations
in Argentina and ARS 5,707 million from the center of operations
in Israel), increasing by 38.0%
compared to the same semester of 2017 (20% of increase in the
center of operations in Argentina
and 44% in the center of operations in Israel).
- Net result for the six months' period registered a gain of
ARS 10,831 million compared to a gain
of ARS 6,816 million in 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 22.6% during the first
semester of FY2018 while the average rent of the office portfolio
reached USD/sqm 26.9. Adjusted EBITDA of the rental segment
increased by 18.6% in the compared semester.
- We reached 99.1% occupancy in our shopping malls, 93.2%
occupancy in our offices and 71.5% in our hotels' portfolio.
- In October 2017, we have sold in
the secondary market 10.2 million shares of IRSA Commercial
Properties for a total amount of USD 138.2
million.
- In December, 2017, IRSA acquired, through Dolphin, the
remaining 31.7% of IDBD held by IFISA reaching 100% stake in IDBD's
share capital.
Financial Highlights
(In millions of
Argentine Pesos)
IIQ18
Ended December 31, 2017
Income
Statement
|
12/31/2017
|
12/31/2016
(adjusted)
|
Revenues
|
43,040
|
36,831
|
Consolidated Gross
Profit
|
13,763
|
11,206
|
Net result from
changes in the fair value of investment properties
|
11,502
|
3,470
|
Consolidated Profit
from Operations
|
15,957
|
6,182
|
Profit For the
Period
|
10,831
|
6,816
|
|
|
|
Attributable
to:
|
|
|
IRSA's
Shareholders
|
8,918
|
3,835
|
Non-Controlling
interest
|
1,913
|
2,981
|
|
|
|
EPS
(Basic)
|
15,51
|
6,67
|
EPS
(Diluted)
|
15,40
|
6,62
|
|
|
|
Balance
Sheet
|
12/31/2017
|
12/31/2016
(adjusted)
|
Current
Assets
|
79,912
|
65,492
|
Non Current
Assets
|
180,626
|
165,750
|
Total
Assets
|
260,538
|
231,242
|
Current
Liabilities
|
48,052
|
46,434
|
Non Current
Liabilities
|
154,680
|
137,472
|
Total
Liabilities
|
202,732
|
183,906
|
Non-Controlling
Interest
|
27,221
|
21,472
|
Shareholders'
Equity
|
57,806
|
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% stake
in the largest conglomerate of 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 IIQ 2018
Results Conference Call on Friday, February
16, 2018, at 1:00 PM 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://webcast.engage-x.com/Cover.aspx?PlatformId=TYClFzo0D8iX17AdFOjuUA%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.