© Reuters.
Argentina’s premier real estate corporation, IRSA Inversiones y Representaciones S.A., reported a remarkable surge in its fiscal year 2024 Q1 results ending September 30, 2023. The company announced a dramatic increase in net results, escalating to ARS 81,080 million from ARS 3,089 million in the same period last year. This gain was primarily attributed to changes in the fair value of investment properties.
The Shopping Malls and Hotels segments significantly contributed to the company’s performance. These sectors fueled a 21% rise in the rental segments’ adjusted EBITDA to ARS 16,713 million. The total adjusted EBITDA stood at ARS 17,030 million. Tenant sales in malls also saw a healthy growth of 10.1%, with occupancy rates hitting a high of 98%.
In a strategic move to streamline its portfolio, IRSA divested parts of its real estate holdings during this quarter. This included parts of the “200 Della Paolera” building, the Suipacha 652/64 building, and its 50% stake in Quality Invest S.A., owner of the San Martín property. The decision was ratified at a shareholders’ meeting on October 5, 2023.
Alongside these operational highlights, the company also declared a cash dividend distribution of ARS 64,000 million with a yield of 12%. Additionally, it distributed treasury shares representing approximately 1.7% of the company’s share capital.
As per the Q1 FY 2024 financial results, IRSA’s market cap stood at USD 475 million with ownership of 73 million GDS valued at USD 6.46 each. However, specific details of the income statement and balance sheet were not disclosed.
To further discuss these results, the company has planned a comprehensive review via a Zoom (NASDAQ:) Webinar today at 10:00 AM US Eastern Time / 12:00 PM BA Time. Dial-in options are available from several countries including Argentina, Israel, Brazil, the USA, and Chile. For more details, interested parties can reach out to the Investor Relations Department at [email protected].
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here