IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the First Three Months Fiscal Year 2011 Ended September 30, 2010

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IRSA Inversiones y Representaciones Sociedad Anonima

Nov 11, 2010, 07:41 ET

BUENOS AIRES, Argentina, Nov. 11, 2010 /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 Three Months Fiscal Year 2011 Ended September 30, 2010

HIGHLIGHTS

Revenues and EBITDA for the quarter increased 17% compared to the same quarter of the previous fiscal year, to Ps. 306.8 million and Ps. 177.0 million, respectively.

Operating income increased 24% to Ps. 138.0 million.

Net income was Ps. 56.2 million, compared to Ps. 131.4 million posted in the same period of the previous fiscal year, due to lower income from Banco Hipotecario S.A. mainly caused by the lower appreciation of government securities holdings during this quarter compared to the same quarter of the previous fiscal year.

There was a substantial increase in revenues from our Shopping Center and Hotel segments, and a strong recovery in our Hotel occupancy levels.

The new Dot Building office building was opened and commercialization has started. The rest of the rental office portfolio has maintained satisfactory rental and occupancy levels.

On July 1, 2010, APSA started to operate "Soleil Factory," its 12th shopping center.

After the closing of the quarter, IRSA consummated the purchase of Parque Arauco's equity interest in APSA, thus increasing its interest to 94.9% and strengthening its presence in the shopping center segment.

In addition, the Shareholders' Meeting held on October 29, 2010 resolved to distribute dividends for Ps. 120 million (Ps. 0.207 per share or Ps. 2.07 per ADR).

First Three Months Fiscal Year 2011 Financial Highlights (In thousands of Argentine Pesos) Ended September 30, 2010
	09-30-10	09-30-09
Total sales	306,784	263,227
Operating Income	137,973	111,561
Net Income (Loss)	56,193	131,445
Net Income per GDS	0.97	2.27

	09-30-10	06-30-10
Total Current Assets	1,162,487	1,190,332
Total Non Current Assets	4,640,181	4,443,109
Total Assets	5,802,668	5,633,441
Short-Term debt	272,586	609,190
Total Current Liabilities	809,200	1,341,620
Long-term debt	1,666,451	1,031,528
Total Non Current Liabilities	1,974,764	1,325,668
Total Liabilities	2,783,964	2,667,288
Minority interest	557,958	563,107
Shareholders' Equity	2,460,746	2,403,046

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 First Three Months Fiscal Year 2011 Results Conference Call on Tuesday, November 16, 2010 at 9:00 a.m. Eastern Time