BUENOS AIRES, Argentina,
Feb. 22, 2019 /PRNewswire/ -- IRSA
Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the
leading commercial real estate company in Argentina, announces its results for the
second quarter of the FY 2019 ended December
31, 2018.
HIGHLIGHTS
- From this quarter onwards, the Company releases its Financial
Statements adjusted for inflation according to the rule IAS 29 and
local regulations that set that companies using the Argentine peso
as their functional currency must release Financial Statements
adjusted for inflation since December 31,
2018. Thus, all non-monetary assets and liabilities, the
Equity, as well as all comparative figures for previous quarters or
fiscal years, have been adjusted to constant currency as of
December 31, 2018.
- Net result for the first semester of FY 2019 registered a loss
of ARS 4,185 million compared to a
gain of ARS 13,331 million in 6M18,
mainly explained by lower results from changes in fair value of
investment properties.
- The Company's Adjusted EBITDA for 6M19 reached ARS 2,365 million, decreasing by 7.5% compared to
6M18. Adjusted EBITDA for Shopping Malls decreased by 9.8% while
Adjusted EBITDA for Office segment increased by 44%.
- Our shopping centers' sales grew by 24% in nominal terms
(-12.5% in real terms) in the 6M
period of FY 2019 and the portfolio's occupancy rate reached
95%.
- During the period, we acquired from our parent company IRSA
14,213 m2 of the building under construction "Catalinas" for a
fixed amount of USD 60.3
million.
- On November 2018, we distributed
a cash dividend for the sum of ARS 545
million (ARS/share 4.3249 and ARS/ADR 17.2997). Dividend
yield 1.9%.
Financial Highlights
(In millions of Argentine Pesos)
IIQ19
Ended December 31, 2018
Income
Statement
12/31/2018 12/31/2017
|
Revenues from sales,
leases and services
|
3,296.4
|
3,323.6
|
Consolidated Gross
Profit
|
2,960.7
|
2,996.4
|
Consolidated (Loss) /
Profit from Operations
|
(4,075.4)
|
10,961.7
|
(Loss) / Profit For
the Period
|
(4,184.9)
|
13,330.9
|
|
|
|
Attributable
to:
|
|
|
IRSA CP's
Shareholders
|
(4,359.5)
|
12,965.6
|
Non-Controlling
interest
|
174.6
|
365.3
|
|
|
|
EPS
(Basic)
|
(34.60)
|
102.89
|
EPS
(Diluted)
|
(34.60)
|
102.89
|
Balance
Sheet
|
12/31/2018
|
06/30/2018
|
Current
Assets
|
10,857.1
|
13,591.5
|
Non-Current
Assets
|
69,930.5
|
73,431.8
|
Total
Assets
|
80,787.6
|
87,023.3
|
Current
Liabilities
|
2,766.1
|
3,334.6
|
Non-Current
Liabilities
|
34,094.6
|
34,975.7
|
Total
Liabilities
|
36,860.7
|
38,310.23
|
Non-Controlling
Interest
|
2,046.4
|
1,838.9
|
Shareholders'
Equity
|
43,926.9
|
48,713.0
|
IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, ByMA:
IRCP) is the leading commercial real estate company of Argentina. It is the largest owner and manager
of shopping malls and one of the largest office buildings'
operators in terms of gross leasable area and number of rental
properties. Additionally, IRCP owns a unique landbank for future
commercial and mixed-use developments in Argentina.
A longer version of this press release with detailed information
is available on the web site: http://www.irsacp.com.ar
IRSA Propiedades Comerciales S.A. cordially invites you to
participate in the IIQ19 Results Conference Call on Friday, February 22, 2019 at 2:00 p.m. US EST, 4:00
p.m. BA.
If you would like to participate, please call:
1-844-717-6831 (toll free) or
1-412-317-6388 (international)
Conference ID # IRSA CP
To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=a17c3700-db45-4501-a552-c0563531b8b0
Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar
www.irsacp.com.ar
Follow us on Twitter @irsacpir
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SOURCE IRSA Propiedades Comerciales S.A.