IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the First Nine Months Fiscal Year 2010 Ended March 31, 2010
BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the First Nine Months Fiscal Year 2010 Ended March 31, 2010.
HIGHLIGHTS
(Below stated figures refer to the nine month period ended March 31, 2010, and are compared with those recorded during the nine month period as of March 31, 2009, where applicable, except where otherwise stated.)
-- Revenues increased 14.4% to Ps. 952.1 million, driven by a 32.2% increase in Shopping Center Segment revenues.
-- Operating Income increased 182.4% to Ps. 393.1 million.
-- Net Income amounted to Ps. 299.7 million compared to a loss of Ps. 106.2 million.
-- Shopping Center tenants' sales showed a strong rebound in last two quarters, with high occupancy levels.
-- Our investment in Banco Hipotecario S.A. presented a gain of Ps. 140.2 million.
-- Other segments (Sales and Developments, Offices and Other Rental Properties, Consumer Financing and Hotels) continue showing strength.
First Nine Months Fiscal Year 2010 Financial Highlights
(In thousands of Argentine Pesos)
Ended March 31, 2010
03-31-10 03-31-09
Total sales 952,052 831,960
Operating Income 393,135 139,216
Net Income (Loss) 299,733 ( 106,177)
Net Income per GDS 5.18 (1.83)
03-31-10 06-30-09
Total Current Assets 1,045,316 891,869
Total Non Current Assets 4,418,819 4,044,118
Total Assets 5,464,135 4,935,987
Short-Term debt 469,079 349,243
Total Current Liabilities 1,165,838 974,890
Long-term debt 1,125,900 1,044,725
Total Non Current Liabilities 1,404,499 1,401,054
Total Liabilities 2,570,337 2,375,944
Minority interest 529,190 464,381
Shareholders' Equity 2,364,608 2,095,662
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 Nine Months Fiscal Year 2010 Results Conference Call on Friday, May 14, 2010 at 9:00 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:
http://www.videonewswire.com/event.asp?id=69317
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
[email protected]
SOURCE IRSA Inversiones y Representaciones S.A.
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