IRSA Inversiones y Representaciones S.A. Announces Results for the Nine month period of FY 2015 Ended March 31, 2015

BUENOS AIRES, Argentina, May 11, 2015 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the Nine month period of Fiscal Year 2015 Ended March 31, 2015

HIGHLIGHTS

• Our net result for the nine-month period of 2015 was a loss of ARS 163.4 million compared to a loss of ARS 78.8 million in the same period of 2014.
• The company's EBITDA increased 99.7% in the nine-month period of 2015, mainly explained by improved results in our rental segment and better results from the sale of Investment Properties, including Madison 183 and various floors of the buildings Bouchard Plaza & Maipu 1300. Excluding this effect and the reversion of the conversion reserve for Madison Sale, EBITDA grew by 19.1%.
• During this quarter we opened our 15th shopping mall, "Alto Comahue" in the city of Neuquen and we observed good results from the first quarter of operation of "Distrito Arcos" in Buenos Aires city.
• Tenant sales in our shopping centers increased by 35.4% in the third quarter and 31.3% considering same stores sales. The portfolio occupancy stood at 98.5%.
• The occupancy in our Premium office portfolio stood at 98.4%.
• In February 2015, we made an additional investment in IDBD for the sum of USD 105 million in the process of rights offering launched by the company, increasing our indirect stake in IDBD to 49%.
• As a subsequent event, we sold, through our subsidiary IRSA Propiedades Comerciales S.A, 8,470 sqm of "Intercontinental Plaza" Building for a total amount of ARS 376.4 million. Results will be recognized with the sign of the deed expected for next July.

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 Nine-month 2015 Results Conference Call on Tuesday, May 12, 2015, at 10:00 AM Eastern Time

If you would like to participate, please call:
United States:  (888) 734-0544
International:  +1-(706) 758-3363
Argentina: 0-800-666-1537
ID# 36553025

To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=63YVn7HZ%2FYyH7zSRWfBcgg%3D%3D

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
Te: +54 11 4323-7449
[email protected] 
www.irsa.com.ar
Twitter: @irsair

SOURCE IRSA Inversiones y Representaciones S.A.

Related Links

http://www.irsa.com.ar