IRSA Inversiones y Representaciones S.A. Announces Results for the First three months 2017 Ended September 30, 2016
BUENOS AIRES, Argentina, Nov. 11, 2016 /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 2017 Ended September 30, 2016.
HIGHLIGHTS
- EBITDA for the first quarter of FY 2017 reached ARS 2,556 million (ARS 503 million from Argentina and ARS 2,053 million from Israel) while the net result registered a loss of ARS 782 million mainly explained by higher financial costs due to the consolidation of IDB Development Corporation and exchange rate differences.
- Tenant Sales in our malls grew by 21% in the first quarter of FY 2017 and the EBITDA of the segment increased by 22% reaching ARS 512 million.
- There were no results from sales of investment properties in the Operation Center in Argentina during IQ17 compared to a gain of ARS 390 million during IQ16.
- We maintained our stake of 68.3% in IDB Development Corporation and acquired from IDBD a stake of 8.8% of Discount Investment Corporation during the quarter.
- IRSA issued a local bond for $ 184.5 million at 7% and ARS 384.2 million Badlar + 299 bps due 2019 to cancel almost its total short-term debt.
Financial Highlights |
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(In millions of Argentine Pesos) |
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Three month period 3M 2017 |
||
Ended September 30, 2016 |
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Income Statement |
09/30/2016 |
09/30/2015 |
Revenues |
18,687 |
968 |
Consolidated Gross Profit |
5,420 |
533 |
Consolidated Profit from Operations |
1,147 |
724 |
Profit / (Loss) For the Period |
(782) |
(316) |
Attributable to: |
||
IRSA's Shareholders |
(577) |
(276) |
Non-Controlling interest |
(205) |
(40) |
EPS (Basic) |
(1.00) |
(0.48) |
EPS (Diluted) |
(1.00) |
(0.48) |
Balance Sheet |
09/30/2016 |
06/30/2016 |
Current Assets |
58,645 |
42,763 |
Non Current Assets |
104,099 |
116,237 |
Total Assets |
162,744 |
159,000 |
Current Liabilities |
50,329 |
43,600 |
Non Current Liabilities |
98,928 |
101,899 |
Total Liabilities |
149,257 |
145,499 |
Non-Controlling Interest |
13,022 |
12,386 |
Shareholders' Equity |
13,487 |
13,501 |
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 Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 68.3% stake in the largest conglomerate in Israel, IDB Development Corporation.
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 2017 Results Conference Call on Monday, November 14, 2016, at 12:00 PM Eastern Time.
If you would like to participate, please call:
United States: (877) 317-6776
International: +1-(412) 317-6776
ID# IRSA
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=knxTtN1usO7YU%2FH%2BzZrzqw%3D%3D
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
[email protected]
www.irsa.com.ar
Follow us on Twitter @irsair
SOURCE IRSA Inversiones y Representaciones S.A.
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