IRSA Propiedades Comerciales S.A. announces its Results for the first quarter of the Fiscal Year 2019 Ended September 30, 2018

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Nov 07, 2018, 17:32 ET

BUENOS AIRES, Argentina, Nov. 7, 2018 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the first quarter of the FY 2019 ended September 30, 2018.

HIGHLIGHTS

Net gain for the first quarter of FY 2019 reached ARS 7,795 million compared to a gain of ARS 1,935 million in IQ18. This was mainly explained by higher results from changes in the fair value of investment properties that compensated the net financial losses generated by the currency devaluation in Argentina during the quarter.
The Company's Adjusted EBITDA for IQ19 reached ARS 845 million increasing by 11.7% compared to IQ18. Adjusted EBITDA for Shopping Malls and Offices segments reached ARS 715 million and ARS 157 million, increasing by 10.3% and 67.6% respectively.
Our shopping centers' sales grew by 24.1% in the first quarter of FY 2019 and the portfolio's occupancy rate reached 98.7%.
On October 29, our Shareholders' meeting approved a cash dividend for the sum of ARS 545 million (ARS/share 4.3249 and ARS/ADR 17.2997). Dividend yield 1.9%.
As a subsequent event, in November 2018, we acquired from our parent company IRSA 14,213 m2 of the building under construction "Catalinas" for a fixed amount of USD 60.3 million.

Financial Highlights

(In millions of Argentine Pesos)
IQ19
Ended September 30, 2018

Income Statement	09/30/2018	06/30/2018
Revenues from sales, leases and services	1,259.9	987.0
Consolidated Gross Profit	1,118.9	887.1
Consolidated Profit from Operations	13,262.0	3,069.0
Profit / (Loss) For the Period	7,795.4	1,934.7

Attributable to:
IRSA CP's Shareholders	7,087.0	1,881.1
Non-Controlling interest	708.4	53.6

EPS (Basic)	56.24	14.93
EPS (Diluted)	56.24	14.93

Balance Sheet	09/30/2018	06/30/2018
Current Assets	13,276.8	10,670.4
Non-Current Assets	70,595.7	57,073.7
Total Assets	83,872.5	67,744.1
Current Liabilities	2,150.6	2,496.8
Non-Current Liabilities	35,982.1	27,284.4
Total Liabilities	38,132.7	29,781.2
Non-Controlling Interest	2,106.3	1,397.9
Shareholders' Equity	45,739.8	37,962.9

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, ByMA: IRCP) is the leading commercial real estate company of Argentina. It is the largest owner and manager of shopping malls and one of the largest office buildings' operators in terms of gross leasable area and number of rental properties. Additionally, IRCP owns a unique landbank for future commercial and mixed-use developments in Argentina.

A longer version of this press release with detailed information is available on the web site: http://www.irsacp.com.ar

IRSA Propiedades Comerciales S.A. cordially invites you to participate in the IQ19 Results Conference Call on Thursday, November 8, 2018 at 10:00 a.m. US EST, 12:00 p.m. BA.

If you would like to participate, please call:

1-844-717-6831 (toll free) or

1-412-317-6388 (international)

Conference ID # IRSA CP

To access the webcast, click on the link below:

http://webcastlite.mziq.com/cover.html?webcastId=2c36be56-eecd-4397-b0d8-5f4f58b6d7c4

Investor Relations Department

+ 5411 4323-7449

[email protected]

www.irsacp.com.ar

SOURCE IRSA Propiedades Comerciales S.A.