BUENOS AIRES, Argentina, Nov. 12, 2011 /PRNewswire/ -- 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 of 2012 Ended September 30, 2011
- IRSA's revenues increased by 12% in the first quarter of 2012, to Ps. 343.7 million and EBITDA rose 17,1% to Ps. 207,9 million.
- The Shopping Center segment has continued has continued to exhibit a sound performance, with an increase in Revenues of 36%, a substantial improvement in the EBITDA/Sales margin, which reached 80%, and occupancy levels higher than 97%.
- APSA purchased 50% of the company Nuevo Puerto Santa Fe, which holds a concession over the "La Ribera" shopping center located in the City of Santa Fe. In this way, since August past APSA has started to operate its 13th Shopping Center.
- As concerns the Office segment, revenues and EBITDA increased by 9% and 10%, respectively. This improvement in activity has been mainly driven by the 100% occupancy of the "Dot Building", which caused portfolio occupancy to increase to 95%.
- Net income amounted to Ps. 5.7 million, compared to Ps. 56.2 million in the same quarter of 2011, mainly due to higher financial charges, exchange rate differences that affected our debt in dollars and to a negative result when value the option to acquire new shares of Hersha at market value.
- The Shareholders' Meeting held on October 31, 2011 approved the payment of a cash dividend of ARS 211,575,000 (ARS/share 0.365), that will be payed during November.
Three months FY 2012 Financial Highlights
(In thousands of Argentine Pesos)
Ended September 30, 2011
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 IQ FY 2012 Results Conference Call on Thursday, November 17, 2011 at 9:00 a.m. Eastern Time
To participate, please call: 888 -734 - 0544 If you are in the US or 1 - 706 - 758 - 3363 for international calls
To access the webcast, click on the link below:
SOURCE IRSA Inversiones y Representaciones Sociedad Anonima