IRSA Propiedades Comerciales S.A. announces its Results for the third quarter of the Fiscal Year 2019 Ended March 31, 2019 – Wire Real Estate

IRSA Propiedades Comerciales S.A. announces its Results for the third quarter of the Fiscal Year 2019 Ended March 31, 2019




May 10, 2019

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BUENOS AIRES, Argentina,– IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the third quarter of the FY 2019 ended March 31, 2019.

HIGHLIGHTS

  • Net result for the nine-month period of FY 2019 registered a loss of ARS 4,474 million compared to a gain of ARS 12,402.6 million in 9M18, despite a gain registered in the 3rd quarter of ARS 198 million. The 9M loss is mainly explained by lower results from changes in fair value of investment properties.

  • The Company’s Adjusted EBITDA for 9M19 reached ARS 3,553.4 million, decreasing in real terms by 12.3% compared to 9M18. Adjusted EBITDA for Shopping Malls decreased by 13.6% while Adjusted EBITDA for Office segment increased by 72.5%.

  • Our same Shopping Malls Sales grew by 26.1% in nominal terms (-12.8% in real terms) in the 9M period of FY 2019 compared to same period of FY2018 and the portfolio’s occupancy rate reached 94.5%. 

  • As a subsequent event, on May 2019, we opened with full occupancy the “Zetta” office building in the “Polo Dot” commercial complex located in the North Area of Buenos Aires City.

                                    

                                   Financial Highlights

                           (In millions of Argentine Pesos)
                                               9M19
                                  Ended March 31, 2019

Income Statement

03/31/2019

03/31/2018

Revenues from sales, leases and services

5,299.3

5,409.3

Consolidated Gross Profit

4,758.8

4,852.7

Consolidated (Loss) / Profit from Operations

(3,608.1)

9,617.0

(Loss) / Profit For the Period

(4,473.9)

12,402.6

     

Attributable to:

   

IRSA CP’s Shareholders

(4,611.1)

12,104.8

Non-Controlling interest

137.2

297.8

     

EPS (Basic)

(36.59)

96.06

EPS (Diluted)

(36.59)

96.06


Balance Sheet

03/31/2019

06/30/2018

Current Assets

11,927.7

15,173.5

Non-Current Assets

78,691.2

81,976.1

Total Assets

90,618.9

97,149.6

Current Liabilities

2,734.0

3,722.7

Non-Current Liabilities

38,648.4

39,045.4

Total Liabilities

41,382.4

42,768.1

Non-Controlling Interest

2,227.0

2,053.1

Shareholders’ Equity

49,236.5

54,381.6

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, ByMA: IRCP) is the leading commercial real estate company of Argentina. It is the largest owner and manager of shopping malls and one of the largest office buildings’ operators in terms of gross leasable area and number of rental properties. Additionally, IRCP owns a unique landbank for future commercial and mixed-use developments in Argentina.

A longer version of this press release with detailed information is available on the web site: http://www.irsacp.com.ar

IRSA Propiedades Comerciales S.A. cordially invites you to participate in the 9M19 Results Conference Call on Friday, May 10, 2019 at 02:00 p.m. US EST, 03:00 p.m. BA.

If you would like to participate, please call: 
1-844-717-6831 (toll free) or
1-412-317-6388 (international)
Conference ID # IRSA CP

To access the webcast, click on the link below: http://webcastlite.mziq.com/cover.html?webcastId=d16f1a03-29c0-4fe2-a63c-9e863e112abc

See Website: http://www.irsacp.com.ar
Contact Information:
Investor Relations Department + 5411 4323-7449 ir@irsacp.com.ar www.irsacp.com.ar

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