IRSA Inversiones y Representaciones S.A. Announces Results for the First Three Months 2015 Ended September, 2014

News provided by

IRSA Inversiones y Representaciones S.A.

Nov 11, 2014, 07:49 ET

BUENOS AIRES, Argentina, Nov. 11, 2014 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the first three months of Fiscal Year 2015 Ended September 30, 2014

HIGHLIGHTS

  • Our net result for the first three month of 2015 was ARS 135.8 million compared to a gain of ARS 2.9 million in the same quarter of 2014.
  • The company's EBITDA increased 140.3% in the first quarter of 2015, mainly explained by improved results in our rental segment and better results from the sale of Investment Properties, including Madison 183 and two floors of the building Maipu 1300.
  • Tenant Sales in our shopping centers increased by 27.1% in the quarter and the portfolio occupancy stood at 98.5%.
  • We made progress in the development of the "Alto Comahue" shopping center in Neuquen, which we expect to open during the current fiscal year, and we are waiting for the final legal resolution to open "Distrito Arcos". Moreover, we have recently acquired a land reserve in Lujan for USD 2.4 per sqm, intended for a future real estate development.
  • We increased occupancy in our Premium office portfolio to 97.9%.
  • On September 29, 2014, we closed the sale of Madison 183 building for USD 185 million.

Financial Highlights
(In millions of Argentine Pesos)
Three month period 3M 2015
Ended September 30, 2014

Income Statement

09/30/2014

09/30/2013

Revenues

790.1

621.4

Consolidated Gross Profit

436.6

327.7

Consolidated Profit from Operations

640.1

229.1

Profit/(Loss) For the Period

135.8

35.3



Attributable to:

IRSA's Shareholders

3.3

32.4

Non-Controlling interest

132.5

2.9



EPS (Basic)

0.01

0.06

EPS (Diluted)

0.01

0.06



Balance Sheet

09/30/2014

06/30/2014

Current Assets

2,253.5

2,959.0

Non Current Assets

7,349.6

6,851.1

Total Assets

9,603.1

9,810.1

Current Liabilities

2,060.7

2,419.4

Non Current Liabilities

4,799,4

4,513.2

Total Liabilities

6,860.2

6,932.7

Non-Controlling Interest

679.8

592.8

Shareholders' Equity

2,742.9

2,877.4

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: 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 (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.

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 First three-month 2015 Results Conference Call on Wednesday, November 12, 2014, at 1:00 PM Eastern Time

If you would like to participate, please call: 
United States:  (888) 734-0544
International:  +1-706-758-3363 
Argentina: 0-800-666-0273
ID# 21477735

To access the webcast, click on the link below:

http://webcast.neo1.net/Cover.aspx?PlatformId=rWbDUWtJ0TrEXA2bdhUdqQ%3D%3D

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+54-11-4323-7449
[email protected]

SOURCE IRSA Inversiones y Representaciones S.A.

Related Links

http://www.irsa.com.ar