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 2021 ended March 31, 2021.

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IRSA Propiedades Comerciales S.A.

May 07, 2021, 12:42 ET

BUENOS AIRES, Argentina, May 7, 2021 /PRNewswire/ --

HIGHLIGHTS

  • The net result for the nine-month period of fiscal year 2021 recorded a loss of ARS 4,794 million compared to a loss of ARS 2,384 million in the same period of 2020, mainly explained by the negative result due to change in the fair value of investment properties partially offset by higher net financial results.
  • Adjusted EBITDA reached ARS 12,321 million in the nine-month period of 2021, increasing 65.7% compared to 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 9,104 million from sales made of the Bouchard 710 building and the Boston Tower. Adjusted EBITDA of the rental segments reached ARS 3,394 million, which represents a 55% drop compared to the same period of the previous year.
  • Tenant sales in shopping malls grew 0.4% in real terms in the third quarter of fiscal year 2021 compared to 2020. Excluding the second fortnight of March, which had the shopping centers partially or totally closed in 2020, the variation was reverts to a drop of 20.5%.
  • The occupancy of the shopping malls´ portfolio reached 89.5%, while that of A + and A offices reached 81.2%, increasing slightly compared to the previous quarter because of the new building "200 Della Paolera", whose occupancy increased from 74.6% in December 2020 to 76.9% in March 2021.
  • Subsequently, the national government ordered, among other restrictive measures related to the COVID-19 pandemic, the closure of shopping malls in the Buenos Aires Metropolitan Area from April 16 to May 21 inclusive. Therefore, to date, 44% of the portfolio remains operational.


 

Financial Highlights

(In millions of Argentine Pesos)

9M FY 2021


Income Statement

03/31/2021

03/31/2020

Revenues from sales, leases and services

5,668

10,470

Consolidated Gross Profit

4,720

9,425

Consolidated (Loss) / Profit from Operations

(8,316)

8,082

Loss for the Period

(4,794)

(2,384)




Attributable to:



IRSA CP's Shareholders

(4,780)

(2,515)

Non-Controlling interest

(14)

131




EPS (Basic)

(8.83)

(19.96)

EPS (Diluted)

(8.83)

(19.96)




Balance Sheet

03/31/2021

06/30/2020

Current Assets

14,705

20,205

Non-Current Assets

152,621

175,413

Total Assets

167,326

195,618

Current Liabilities

14,178

22,232

Non-Current Liabilities

67,300

71,080

Total Liabilities

81,478

93,312

Non-Controlling Interest

5,506

5,535

Shareholders' Equity

85,848

102,306

IRSA Propiedades Comerciales cordially invites you to participate in the IIIQ FY 2021 Results Conference Call on Monday, May 10, 2021 at 10:00 a.m. US EST, 11:00 a.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/84685263640?pwd=SnRlcHhncFQ4MUF6aXoyS2QxTXpCUT09 
Webinar ID: 846 8526 3640
Password: 485277

In addition, you can participate communicating to this numbers:
Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brasil : +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

Estados Unidos de América: +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

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SOURCE IRSA Propiedades Comerciales S.A.