IRSA Inversiones y Representaciones S.A. Announces Results for the six-month period of FY 2017 Ended December 31, 2016
BUENOS AIRES, Argentina, Feb. 13, 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 six-month period of Fiscal Year 2017 Ended December 31, 2016
HIGHLIGHTS
- EBITDA for the first semester of FY 2017 reached ARS 5,189 million (ARS 1,222 million from Argentina and ARS 3,967 million from Israel)
- Net result for 6M17 registered a gain of ARS 4,197 million compared to a loss of ARS 910 million in the same period of 2016 mainly explained by the results from Israel Business Center coming from Adama sale and the increase in Clal share price, valued at market value.
- Tenant Sales in our malls grew by 19.9% in 6M17 while the average rent per sqm of the office portfolio reached USD/sqm 26.1. EBITDA of the rental segment increased by 28.6% in the compared period.
- We reached 98.4% occupancy in our shopping malls and 100% occupancy in our portfolio of premium offices.
- During November 2016, IDBD has issued notes in the Israeli market for NIS 383.5 million at 6.95% fixed due 2019 to cancel existing debt.
| Financial Highlights |
||
| Income Statement |
12/31/2016 |
12/31/2015 |
| Revenues |
36,831 |
2,164 |
| Consolidated Gross Profit |
10,886 |
1,192 |
| Consolidated Profit from Operations |
2,288 |
1,948 |
| Profit / (Loss) For the Period |
4,197 |
(910) |
| Attributable to: |
||
| IRSA's Shareholders |
2,067 |
(487) |
| Non-Controlling interest |
2,130 |
(423) |
| EPS (Basic) |
3.59 |
(0.84) |
| EPS (Diluted) |
3.57 |
(0.84) |
| Balance Sheet |
12/31/2016 |
06/30/2016 |
| Current Assets |
58,643 |
42,763 |
| Non Current Assets |
107,470 |
116,237 |
| Total Assets |
166,113 |
159,000 |
| Current Liabilities |
41,163 |
43,600 |
| Non Current Liabilities |
105,876 |
101,899 |
| Total Liabilities |
147,039 |
145,499 |
| Non-Controlling Interest |
16,071 |
12,386 |
| Shareholders' Equity |
19,074 |
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 as well as IRSA last annual report ended June 30, 2016. All shareholders have the ability to receive a hard copy of the company's financial statement free of charge upon request.
IRSA cordially invites you to participate in its six-month period of FY 2017 Results Conference Call on Monday, February 13, 2017, at 2:00 PM Eastern Time
If you would like to participate, please call:
United States: (877) 344-7529
International: +1-(412) 317-0088
ID# IRSA
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=N0NDJsrXTFj%2BCguF%2FTvdXA%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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