IRSA Inversiones y Representaciones S.A. Announces Results for the First three months Fiscal Year 2014 Ended September, 2013

BUENOS AIRES, Argentina, Nov. 11, 2013 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the first three months of Fiscal Year 2014 Ended September 30, 2013

HIGHLIGHTS

• During the first quarter of 2014 we recorded highly satisfactory operating results. The company's EBITDA grew by 14.5% compared to 2013, mainly driven by the Shopping Centers segment.
• Net income amounted to Ps. 35.3 million, 30.5% lower than in the same period of 2013, principally explained by higher financial charges and exchange rate differences.
• Our shopping centers' sales grew by 28.5% as compared to the first quarter of 2013 and portfolio occupancy stood at 98.6%. EBITDA from this segment rose by 27.1% and the EBITDA/revenue margin reached 78.6%.
• Revenues from the Offices segment grew by 5.3%, explained by the reduction in leaseable area resulting from the sales made in 2013. We increased our portfolio's occupancy to 97.3%.
• During this quarter we launched a share buyback program for up to ARS 200 million or 5% of the stock capital.
• The shareholders' meeting held on October 31 past approved the payment of a cash dividend for ARS 250 million.

Financial Highlights
(In millions of Argentine Pesos)
Three month period 3M Fiscal Year 2014
Ended September 30, 2013

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: http://www.irsa.com.ar

IRSA cordially invites you to participate in its First three-month 2014 Results Conference Call on Friday, November 15, 2013, at 11:00 AM Eastern Time

If you would like to participate, please call:
United States:  (888) 734-0544
International:  +1-(706) 758-3363
Argentina: 0-800-666-0273
ID# 99634184

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=1861
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
[email protected]  

SOURCE IRSA Inversiones y Representaciones Sociedad Anonima