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IRSA Propiedades Comerciales S.A. announces its results for the second quarter of FY 2020

BUENOS AIRES, Argentina, Feb. 10, 2020 /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 2020 ended December 31, 2019.

HIGHLIGHTS

  • Net result for the first half of fiscal year 2020 registered a loss of ARS 250 million compared to a loss of ARS 6,426 million in the same period of 2019. This lower loss is explained by higher operating results and changes in the fair value of investment properties and a loss in net financial results, mainly due to exchange rate differences.
        
  • The Company's Adjusted EBITDA for the first half of fiscal year 2020 reached ARS 3,459 million, decreasing in real terms by 9.1% compared to the same period of 2019. Adjusted EBITDA for Shopping Malls decreased by 18.7% while Adjusted EBITDA for Office segment increased by 36.8%.
        
  • Our same Shopping Malls Sales grew by 0.4% in real terms for the first half of fiscal year 2020 and by 5.6% for the second quarter when compared to the same period of 2019 and the portfolio's occupancy rate reached 95.0%.
        
  • On November 13, 2019, the Company distributed among its shareholders a cash dividend in an amount of ARS 595,000,000 (ARS/Share 4.7217 y ARS/ADR 18.8868).

   

Financial Highlights


(In millions of Argentine Pesos)

6M FY 2020


Income Statement

12/31/2019

12/31/2018

Revenues from sales, leases and services

5,004.9

5,061.9

Consolidated Gross Profit

4,524.4

4,546.4

Consolidated Profit / (Loss) from Operations

5,643.9

(6,083.8)

Profit / (Loss) For the Period

(250.4)

(6,426.2)




Attributable to:



IRSA CP's Shareholders

(381.4)

(6,694.3)

Non-Controlling interest

131.0

268.1




EPS (Basic)

(3.03)

(53.12)

EPS (Diluted)

(3.03)

(53.12)




Balance Sheet

12/31/2019

06/30/2019

Current Assets

18,950.8

21,623.2

Non-Current Assets

86,065.2

80,289.9

Total Assets

105,016.0

101,913.1

Current Liabilities

12,807.6

5,103.0

Non-Current Liabilities

42,131.2

45,710.5

Total Liabilities

54,938.8

50,813.5

Non-Controlling Interest

2,795.4

2,740.7

Shareholders' Equity

50,077.1

51,099.7

IRSA Propiedades Comerciales cordially invites you to participate in the IIQ FY 2020 Results Conference Call on Tuesday, February 11, 2020 at 12:00 p.m. US EST, 02:00 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:
http://webcastlite.mziq.com/cover.html?webcastId=39cc93c4-3bdb-43e8-ac67-9e9414429c2f

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

Cision View original content:http://www.prnewswire.com/news-releases/irsa-propiedades-comerciales-sa-announces-its-results-for-the-second-quarter-of-fy-2020-301002324.html

SOURCE IRSA Propiedades Comerciales S.A.

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