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IRSA Propiedades Comerciales S.A. announces Results for the FY 2018 Ended June 30, 2018

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IRSA Propiedades Comerciales S.A. announces Results for the FY 2018 Ended June 30, 2018

PR Newswire

BUENOS AIRES, Argentina, Aug. 23, 2018 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP, ByMA: IRCP)), the leading commercial real estate company in Argentina, announces its results for the FY 2018 ended June 30, 2018.

HIGHLIGHTS

  • Net gain for the fiscal year 2018 reached ARS 15,656 million compared to a gain of ARS 3,378 million in FY 2017. This was mainly explained by higher results from changes in the fair value of investment properties that compensated the net financial losses generated by the currency devaluation in Argentina in the last quarter of the fiscal year.
  • The Company's Adjusted EBITDA reached ARS 3,161 million (USD 162 million) in the FY 2018 increasing by 21.7% compared to 2017. Adjusted EBITDA for Shopping Malls and Offices segments reached ARS 2,748 million and ARS 367 million, increasing by 24.5% y 19.1% respectively.
  • Our shopping centers' sales grew by 25.3% in the fiscal year 2018 and the portfolio's occupancy rate reached 98.5%.
  • In March 2018, we acquired a 78,000 sqm plot of land in the city of La Plata for USD 7.5 million and in July 2018, we acquired the "Maltería Hudson" property for USD 7 million. Both are destined for the future development of mixed-use projects.

 

Financial Highlights

(In millions of Argentine Pesos)

FY 2018

Ended June 30, 2018


Income Statement

06/30/2018

06/30/2017

Revenues from sales, leases and services

4,232.2

3,509.0

Consolidated Gross Profit

3,809.8

3,097.4

Consolidated Profit from Operations

19,784.9

5,620.9

Profit / (Loss) For the Period

15,656.0

3,377.5




Attributable to:



IRSA CP's Shareholders

15,099.9

3,260.5

Non-Controlling interest

556.1

117.0




EPS (Basic)

119.83

25.87

EPS (Diluted)

119.83

25.87




Balance Sheet

06/30/2017

06/30/2016

Current Assets

10,670.4

4,515.3

Non-Current Assets

57,073.7

37,906.2

Total Assets

67,744.1

42,421.5

Current Liabilities

2,496.8

1,800.7

Non-Current Liabilities

27,284.4

17,604.6

Total Liabilities

29,781.2

19,405.3

Non-Controlling Interest

1,397.9

871.2

Shareholders' Equity

37,962.9

23,016.2

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 FY 2018 Results Conference Call on Friday, August 24, 2018 at 10:00 a.m. US EST, 11:00 a.m. BA.

If you would like to participate, please call:
1-844-308-3343 (toll free) or
1-412-717-9602 (international)
Conference ID # IRSA CP

To access the webcast, click on the link below: http://webcastlite.mziq.com/cover.html?webcastId=4630ce4c-07c7-4b55-b281-e4644405d624

Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar 
www.irsacp.com.ar 
Follow us on Twitter @irsacpir

Cision View original content:http://www.prnewswire.com/news-releases/irsa-propiedades-comerciales-sa-announces-results-for-the-fy-2018-ended-june-30-2018-300701910.html

SOURCE IRSA Propiedades Comerciales S.A.

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