|By PR Newswire||
|November 19, 2012 10:02 PM EST||
BUENOS AIRES, Argentina, Nov. 19, 2012 /PRNewswire/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the first three month of FY 2013 Ended September 30, 2012.
As from fiscal year 2013, the company adopts accounting policies based on the International Financial Reporting Standards ("IFRS") to prepare its financial statements. Until now, the company's financial statements were prepared in compliance with Generally Accepted Accounting Principles of Argentina ("ARG GAAP") which differ in certain respects from the IFRS. For such reason, we have changed certain valuation and disclosure accounting policies.
- Net income for the first quarter of 2013 was ARS 50.8 million, compared to a loss of ARS 112 million in 2012 mainly due to lower financial charges and higher income from Banco Hipotecario and the valuation of Hersha.
- IRSA's revenues increased 12.7% in the first quarter of 2013, to ARS 486.3 million, and EBITDA rose 14.3% to ARS 248.3 million.
- Revenues and EBITDA from the Shopping Center segment grew 17.9% and 10.7%, respectively, in the first three months of 2013, compared to 2012. The EBITDA/Revenue margin, excluding common maintenance expense fund and common promotional fund, reached 80%, and occupancy stood at 98.4%.
- As concerns the Offices segment, revenues and EBITDA increased by 20.9% and 22.8%, respectively, in the 3-month period. This improvement in activity has been driven by the 100% occupancy of "Dot Building", which increased portfolio occupancy to 97.5%, and a slight improvement in the portfolio's USD / sqm rental levels.
- During this period we sold non-strategic office assets for an amount of approximately USD 15.0 million.
- In September 2012, through our subsidiary IRSA International LLC, we executed an agreement whereby we promised to acquire Rigby Madison LLC's 33.36% interest in the company that owns the Madison 183 building, located in Manhattan. In this way, IRSA's interest in Rigby 183 LLC will reach 82.36% of its stock capital.
- The shareholders' meeting held on October 31, last approved the payment of a cash dividend for ARS 180,000,000, equivalent to 0.311054 ARS/share and 3.110546 ARS/ADR.
Three month period of Fiscal Year 2013 Financial Highlights
Ended September 30, 2012
(In thousands of Argentine Pesos)
Net Income (Loss)
Net Income per GDS
Total Current Assets
Total Non Current Assets
Total Current Liabilities
Total Non Current Liabilities
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.
A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION IS AVAILABLE ON THE WEB SITE: WWW.IRSA.COM.AR
IRSA cordially invites you to participate in its first three month FY 2013 Results Conference Call on Friday, November 23, 2012 at 8:00 hs Eastern Time
To participate, please call:
888-734-0544 If you are in the US or
+1-706-758-3363 for international calls
To access the webcast, click on the link below:
- Mainstream Business Applications and In-Memory Databases
- Findly Enhances Recruiting Efficiency With New Single Sign-on Portal
- Ukraine Has Potential in Midst of Chaos
- “Entisys 02” Finishes in Top 20 at the 2014 NASCAR K&N Pro Series West Race at the Sonoma Raceway
- Complete Surface Pro 3 Review - 3 days later
- Flexera Software Increases Commitment to Europe with Germany-based Datacenter to Host FlexNet Manager Suite Cloud for European Customers
- CORRECTING and REPLACING Android and the Open Automotive Alliance Shift into the Next Gear
- June 2014 Server and StorageIO Update newsletter
- Research and Markets: Global Industrial Control Systems (ICS) Security Market 2014-2018 with Cisco, Fortinet, General Dynamics, Juniper Networks, McAfee, Raytheon & Symantec Dominating
- MongoDB World in NY City this week
- Book Review: Learning Mobile App Development
- Grabbing the Supply Chain Bull by the Horns
- Mainstream Business Applications and In-Memory Databases
- The Odd Couple: Marrying Agile and Waterfall
- FlexNet Manager Suite Wins CODiE Award for Best Asset Management Solution - 4th CODiE Award for Flexera Software
- Fanning the Flames of Agile
- Big Data, Cloud and Mobile - Converging Technology Trends
- April and May 2014 Server and StorageIO Update newsletter
- WSO2 Introduces Industry’s First Enterprise Identity Bus With the Launch of WSO2 Identity Server 5.0
- Big Data Expo 2014 Silicon Valley Call for Papers Now Open
- Jim Miller at ImageWare Systems, George Romas at HP, Jody Ross at AMAG, + March Networks and StrikeForce Featured in SecuritySolutionsWatch.com Interviews
- The Butterfly Effect Within IT
- Microsoft SharePoint at a Crossroads – Opportunities & Challenges Abound
- The Linux Foundation's Core Infrastructure Initiative Announces New Backers, First Projects to Receive Support and Advisory Board Members
- Google Maps and ASP.NET
- Converting VB6 to VB.NET, Part I
- How to Write High-Performance C# Code
- Where Are RIA Technologies Headed in 2008?
- Crystal Reports XI & How It Has Changed
- Creating Controls for.NET Compact Framework in Visual Studio 2005
- Programmatically Posting Data to ASP .NET Web Applications
- Implementing Tab Navigation with ASP.NET 2.0
- AJAX World RIA Conference & Expo Kicks Off in New York City
- The Top 250 Players in the Cloud Computing Ecosystem
- i-Technology Viewpoint: "SOA Sucks"
- .NET Archives: Getting Reacquainted with the Father of C#