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 the Fiscal Year 2024 ended March 31, 2024
May 07, 2024 at 06:50 pm EDT
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BUENOS AIRES, Argentina, May 7, 2024 /PRNewswire/ --
HIGHLIGHTS
The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 111,728 million compared to a gain of ARS 123,217 million in the same period of the previous year, mainly explained by the impact of inflation exposure on the fair value of investment properties.
The rental adjusted EBITDA reached ARS 112,911 million in the nine months of fiscal year 2024, 9.1% higher than the same period of the previous year, ARS 86,475 million coming from the Shopping Malls segment, ARS 8,776 million from the office segment and ARS 17,660 million from the Hotels. Total adjusted EBITDA reached ARS 128,826 million, increasing 6.3% compared to the same period of the previous year.
Real tenant sales in shopping malls fell 18.5% in the third quarter of fiscal year 2024 as a result of the acceleration of inflation and a drop in consumption. In the accumulated nine-month period of the year, sales grew by 0.9% compared to the same period in 2023.
We maintained high occupancy rates in the three rental segments: 97.9% in shopping centers, 92.8% in our premium offices and 68.7% in the hotel portfolio.
During the quarter and subsequently, we repurchased approximately 1.7% of the stock capital and in May 2024, we approved a new cash dividend for ARS 55,000 million (ARS/share 76.1457 and ARS/GDS 761.4575), which will be distributed since May 9.
Financial Highlights (In millions of Argentine Pesos) 9M FY 2024
Income Statement
03/31/2024
03/31/2023
Revenues
213,565
208,970
Consolidated Gross Profit
144,424
137,387
Net result from changes in the fair value of investment properties
(385,848)
(135,403)
Consolidated Profit / (Loss) from Operations
(275,902)
(56,661)
Result for the Period
(111,728)
123,217
Attributable to:
IRSA's Shareholders
(104,926)
119,339
Non-Controlling interest
(6,802)
3,878
EPS (Basic)
(140.84)
159.33
EPS (Diluted)
(140.84)
145.89
Balance Sheet
03/31/2024
06/30/2023
Current Assets
213,194
220,054
Non-Current Assets
1,606,100
2,009,794
Total Assets
1,819,294
2,229,848
Current Liabilities
256,486
237,277
Non-Current Liabilities
630,651
788,102
Total Liabilities
887,137
1,025,379
Non-Controlling Interest
59,637
69,973
Shareholders' Equity
932,157
1,204,469
The Company's market capitalization as of March 31, 2024, was approximately USD 692 million. (73,890,228 GDS with a price per GDS of USD 9.36).
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, cordially invites you to participate in its IIIQ FY 2024 Results Conference Call on Wednesday, May 8, 2024, at 10:00 AM US Eastern Time / 11:00 AM BA Time.
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IRSA Inversiones y Representaciones Sociedad Anonima is a holding company. The Company invests on its own behalf and through investee companies in companies operating in various sectors of the Israeli and global economy. The Company's segments are Cellcom, which includes cellular telephone services, content and added value services, other services and revenues from the sale of end user equipment in the cellular field; Property and Buildings and projects in Las Vegas, which includes the rental of income-generating properties and residential buildings; Shufersal, which includes retail and the rental of income-generating properties; Adama, which includes the sale of agro products and non-agro products; Clal Insurance Enterprise Holdings, which operates through subsidiary companies in the fields of insurance, pensions and provident funds, in the field of financial services and in the holding of assets and real businesses, and Others.