BUENOS AIRES, Argentina,
June 5, 2020 /PRNewswire/ -- IRSA
Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the
leading commercial real estate company in Argentina, announces its results for the third
quarter of the FY 2020 ended March 31,
2020.
HIGHLIGHTS
- The net result for the nine-month period of fiscal year 2020
registered a loss of ARS 1,671
million compared to a loss of ARS
6,634 million in the same period of 2019. This lower loss is
explained by higher results due to changes in the fair value of the
investment properties offset by a greater loss in net financial
results.
- The company's adjusted EBITDA for the nine-month period of
fiscal year 2020 reached ARS 5,152
million, decreasing by 3.1% in real terms compared to the
same period in 2019. Adjusted EBITDA for Shopping Malls
segment decreased by 16, 6%, while Adjusted EBITDA for the office
segment increased by 11.9%.
- On March 20, as a consequence of
the social, preventive and compulsory lockdown due to the COVID-19
pandemic, the shopping malls throughout the country were closed,
working exclusively those stores dedicated to essential activities
such as pharmacies, supermarkets and banks. The impact will be
reflected mainly in the Financial Statements of the 4th
quarter of FY 2020 as it only affected 10 days of operations this
quarter.
- Shopping Malls´ tenant sales fell by 3.7% in real terms in the
nine-month period of 2020 compared to the same period in 2019. In
the third quarter, tenant sales decreased by 11.9% mainly due to
the impact of the last 10 days of March without operations.
Portfolio occupancy remains at 95% levels.
- Regarding the Office segment, although most of our tenants have
been working at home since mandatory quarantine was decreed, they
are operating under strict safety and hygiene protocols.
Financial Highlights
(In millions of
Argentine Pesos)
9M FY 2020
Income
Statement
|
03/31/2020
|
03/31/2019
|
Revenues from sales,
leases and services
|
7,340.6
|
7,857.7
|
Consolidated Gross
Profit
|
6,606.7
|
7,056.4
|
Consolidated Profit /
(Loss) from Operations
|
5,582.2
|
(5,064.2)
|
Profit / (Loss) For
the Period
|
(1,671.0)
|
(6,633.8)
|
|
|
|
Attributable
to:
|
|
|
IRSA CP's
Shareholders
|
(1,762.3)
|
(6,837.3)
|
Non-Controlling
interest
|
91.3
|
203.5
|
|
|
|
EPS
(Basic)
|
(13.98)
|
(54.26)
|
EPS
(Diluted)
|
(13.98)
|
(54.26)
|
|
|
|
Balance
Sheet
|
03/31/2020
|
06/30/2019
|
Current
Assets
|
18,497.6
|
23,309.7
|
Non-Current
Assets
|
92,300.5
|
86,552.2
|
Total
Assets
|
110,798.1
|
109,861.9
|
Current
Liabilities
|
13,177.7
|
5,501.0
|
Non-Current
Liabilities
|
45,047.8
|
49,275.7
|
Total
Liabilities
|
58,225.5
|
54,776.7
|
Non-Controlling
Interest
|
2,962.7
|
2,954.4
|
Shareholders'
Equity
|
52,572.7
|
55,085.2
|
IRSA Propiedades Comerciales cordially invites you to
participate in the IIIQ FY 2020 Results Conference Call on
Monday, June 8, 2020 at 03:00 p.m. US EST, 04:00
p.m. BA.
To access the Webinar:
https://irsacorp.zoom.us/s/91550072355?pwd=cnNRZ3VoalovR1FvMVBncHM1SDZ0UT09
Webinar ID: 915 5007 2355
Password: 127350
In addition, you can participate communicating to this
numbers:
Argentina: +54
112 040 0447 or +54 341 512 2188 or +54 343 414 5986
Israel: +972 55 330 1762 or +972 3
978 6688
Brazil: +55 21 3958 7888 or +55 11
4680 6788
US: +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 23 210 9066 or +56 232
938 848 or +56 41 256 0288
Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar
https://www.irsacp.com.ar/home-inversores.php?lng=en
Follow us on Twitter @irsacpir
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SOURCE IRSA Propiedades Comerciales S.A.