IRSA Propiedades Comerciales S.A. announces Results for the FY 2019 Ended June 30, 2019 – Wire Real Estate

IRSA Propiedades Comerciales S.A. announces Results for the FY 2019 Ended June 30, 2019




Sep 9, 2019

Wire.RealEstate powered by Google



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 FY 2019 ended June 30, 2019.

HIGHLIGHTS

  • Net result for FY 2019 registered a loss of ARS 18,138 million compared to a gain of ARS 14,237 million in FY18. This is mainly explained by the loss registered from changes in fair value of investment properties during this period.
  • The Company’s Adjusted EBITDA for FY19 reached ARS 5,266 million, decreasing in real terms by 12.9% compared to FY18. Adjusted EBITDA for Shopping Malls decreased by 15.3% while Adjusted EBITDA for Office segment increased by 96.7%.
  • Our same Shopping Malls Sales grew by 28.6% in nominal terms (-13.0% in real terms) in FY 2019 compared to FY2018 and the portfolio’s occupancy rate reached 94.7%.
  • In 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)

FY 2019

Ended June 30, 2019

 

Income Statement

06/30/2019

06/30/2018

Revenues from sales, leases and services

7,575.0

7,823.3

Consolidated Gross Profit

6,752.7

7,073.7

Consolidated Profit from Operations

(20,733.2)

15,401.6

Profit / (Loss) For the Period

(18,137.7)

14,237.4

     

Attributable to:

   

IRSA CP’s Shareholders

(18,032.5)

13,730.6

Non-Controlling interest

(105.2)

506.8

     

EPS (Basic)

(143,10)

108,96

EPS (Diluted)

(143.10)

108,96

     

Balance Sheet

06/30/2019

06/30/2018

Current Assets

17,185.8

16,589.1

Non-Current Assets

63,813.0

89,617.8

Total Assets

80,998.8

106,206.9

Current Liabilities

4,055.8

4,069.7

Non-Current Liabilities

36,330.1

42,685.6

Total Liabilities

40,385.9

46,755.3

Non-Controlling Interest

2,177.7

2,244.4

Shareholders’ Equity

40,612.9

59,451.6

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 FY 2019 Results Conference Call on Monday, September 9, 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:
https://webcastlite.mziq.com/cover.html?webcastId=a8652630-4493-4fde-adcf-a9bed02eb89b

See Campaign: http://www.irsacp.com.ar
Contact Information:
+ 5411 4323-7449 ir@irsacp.com.ar www.irsacp.com.ar Follow us on Twitter @irsacpir

Tags:
, Wire, Wire Real Estate, South America, United States, English