IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the First Nine Months Fiscal Year 2010 Ended March 31, 2010

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IRSA Inversiones y Representaciones S.A.

May 12, 2010, 03:29 ET

BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the First Nine Months Fiscal Year 2010 Ended March 31, 2010.

HIGHLIGHTS

(Below stated figures refer to the nine month period ended March 31, 2010, and are compared with those recorded during the nine month period as of March 31, 2009, where applicable, except where otherwise stated.)

-- Revenues increased 14.4% to Ps. 952.1 million, driven by a 32.2% increase in Shopping Center Segment revenues.

-- Operating Income increased 182.4% to Ps. 393.1 million.

-- Net Income amounted to Ps. 299.7 million compared to a loss of Ps. 106.2 million.

-- Shopping Center tenants' sales showed a strong rebound in last two quarters, with high occupancy levels.

-- Our investment in Banco Hipotecario S.A. presented a gain of Ps. 140.2 million.

-- Other segments (Sales and Developments, Offices and Other Rental Properties, Consumer Financing and Hotels) continue showing strength.

    First Nine Months Fiscal Year 2010 Financial Highlights
    (In thousands of Argentine Pesos)
    Ended March 31, 2010

                                          03-31-10      03-31-09

    Total sales                            952,052       831,960
    Operating Income                       393,135       139,216
    Net Income (Loss)                      299,733     ( 106,177)
    Net Income per GDS                        5.18         (1.83)

                                          03-31-10      06-30-09
    Total Current Assets                 1,045,316       891,869
    Total Non Current Assets             4,418,819     4,044,118
    Total Assets                         5,464,135     4,935,987
    Short-Term debt                        469,079       349,243
    Total Current Liabilities            1,165,838       974,890
    Long-term debt                       1,125,900     1,044,725
    Total Non Current Liabilities        1,404,499     1,401,054
    Total Liabilities                    2,570,337     2,375,944
    Minority interest                      529,190       464,381
    Shareholders' Equity                 2,364,608     2,095,662

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 Nine Months Fiscal Year 2010 Results Conference Call on Friday, May 14, 2010 at 9:00 a.m. Eastern Time.

    To participate, please call:
    800-314-6696 If you are in the U.S. or
    +1-706-758-8485 for international calls

    To access the webcast, click on the link below:
    http://www.videonewswire.com/event.asp?id=69317

    Investor Relations Department
    IRSA Inversiones y Representaciones S.A.
    [email protected]

SOURCE IRSA Inversiones y Representaciones S.A.