BUENOS AIRES, Argentina, Sept. 8 /PRNewswire-FirstCall/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for Fiscal Year 2010 ended June 30, 2010
Net income increased by more than 100% to Ps. 334.5 million
EBITDA rose 63% to Ps. 700.4 million.
Shopping Centers recorded high occupancy levels and posted an EBITDA of Ps. 380.6 million, 26% higher than in the previous year.
We acquired an option to purchase Parque Arauco S.A.'s stake in APSA, which we expect to exercise shortly.
APSA sold 80% of Tarshop S.A. to Banco Hipotecario, and the consent from the Argentine Central Bank's Superintendent of Financial Institutions has been recently obtained.
Office Buildings: We sold non-strategic positions and purchased a plot of land in the exclusive area of Catalinas, for the future development of a premium building.
Our interest in Banco Hipotecario S.A. contributed Ps. 151.6 million to IRSA's income.
Fiscal Year 2010 Financial Highlights
(In thousands of Argentine Pesos)
Ended June 30, 2010
Net Income (Loss)
Net Income per GDS
Total Current Assets
Total Non Current Assets
Total Current Liabilities
Total Non Current Liabilities
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: WWW.IRSA.COM.AR
IRSA cordially invites you to participate in its Fiscal Year 2010 Results Conference Call on Tuesday, September 14, 2010 at 10:00 a.m. Eastern Time
To participate, please call:
800-314-6696 If you are in the U.S. or
+1-706-758-8485 for international calls
To access the webcast, click on the link below:
SOURCE IRSA Inversiones y Representaciones Sociedad Anonima