IRSA Propiedades Comerciales S.A. Announces its Results for the First Quarter of the FY 2022 ended September 30, 2021

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IRSA Propiedades Comerciales S.A.

Nov 05, 2021, 15:29 ET

BUENOS AIRES, Argentina, Nov. 5, 2021 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the first quarter of the FY 2022 ended September 30, 2021.

HIGHLIGHTS

  • Tenant sales in shopping malls fell 10.7% in real terms in the first quarter of fiscal year 2022 compared to the same period of 2020, not affected by the pandemic. Portfolio occupancy stood at 90%. Office revenue fell 13.1%, and occupancy in A + and A buildings fell slightly to 79%. The rental adjusted EBITDA reached ARS 2,064 million during the quarter, 36% lower than that observed in the same period of 2020, not affected by the closure of operations.
  • The net result for the first quarter of fiscal year 2022 recorded a loss of ARS 1,801 million compared to a gain of ARS 20,275 million in the same quarter of the previous fiscal year, mainly explained by negative results due to changes in the fair value of investment properties.
  • During the quarter, the Company's Board of Directors approved a corporate reorganization process consisting of the merger by absorption between IRSA and the company, in which IRSA would absorb IRSA PC. The process is subject to the approval of the Shareholders' Meeting that will be carried out in the coming months.
  • As a subsequent event, we sold 3 floors of "261 Della Paolera" building with a surface area of 3,582 sqm for an approximate amount of USD 32 million.

Financial Highlights
(In millions of Argentine Pesos)
3M FY 2022

Income Statement

09/30/2021

09/30/2020

Revenues from sales, leases and services

2,915

1,365

Consolidated Gross Profit

2,472

985

Consolidated (Loss) / Profit from Operations

(3,868)

24,480

(Loss) / Profit for the Period

(1,801)

20,275




Attributable to:



IRSA CP's Shareholders

(1,709)

18,828

Non-Controlling interest

(92)

1,447




EPS (Basic)

(3.16)

34.79

EPS (Diluted)

(3.16)

34.79




Balance Sheet

09/30/2021

06/30/2021

Current Assets

23,173

24,756

Non-Current Assets

163,585

169,113

Total Assets

186,758

193,869

Current Liabilities

12,282

14,342

Non-Current Liabilities

91,022

94,274

Total Liabilities

103,304

108,616

Non-Controlling Interest

5,972

6,064

Shareholders' Equity

83,454

85,253

IRSA Propiedades Comerciales cordially invites you to participate in the IQ FY 2022 Results Conference Call on Monday, November 8, 2021, at 09:00 a.m. US EST, 11:00 a.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/83463226454?pwd=SGJtV2ZxaGJ2NllJUCtGbzNEVnRpZz09 
Webinar ID: 834 6322 6454
Password: 680099

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brasil : +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

Estados Unidos de América: +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

Investor Relations Department
+ 5411 4323-7449
[email protected] 
https://www.irsacp.com.ar/home-inversores.php?lng=en 
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SOURCE IRSA Propiedades Comerciales S.A.