IRSA Propiedades Comerciales S.A. announces its Results for the second quarter of the Fiscal Year 2019 Ended December 31, 2018

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Feb 22, 2019, 09:38 ET

BUENOS AIRES, Argentina, Feb. 22, 2019 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the second quarter of the FY 2019 ended December 31, 2018.

HIGHLIGHTS

From this quarter onwards, the Company releases its Financial Statements adjusted for inflation according to the rule IAS 29 and local regulations that set that companies using the Argentine peso as their functional currency must release Financial Statements adjusted for inflation since December 31, 2018. Thus, all non-monetary assets and liabilities, the Equity, as well as all comparative figures for previous quarters or fiscal years, have been adjusted to constant currency as of December 31, 2018.
Net result for the first semester of FY 2019 registered a loss of ARS 4,185 million compared to a gain of ARS 13,331 million in 6M18, mainly explained by lower results from changes in fair value of investment properties.
The Company's Adjusted EBITDA for 6M19 reached ARS 2,365 million, decreasing by 7.5% compared to 6M18. Adjusted EBITDA for Shopping Malls decreased by 9.8% while Adjusted EBITDA for Office segment increased by 44%.
Our shopping centers' sales grew by 24% in nominal terms (-12.5% in real terms) in the 6M period of FY 2019 and the portfolio's occupancy rate reached 95%.
During the period, 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.
On November 2018, we distributed a cash dividend for the sum of ARS 545 million (ARS/share 4.3249 and ARS/ADR 17.2997). Dividend yield 1.9%.

Financial Highlights

(In millions of Argentine Pesos)
IIQ19
Ended December 31, 2018

Income Statement 12/31/2018 12/31/2017
Revenues from sales, leases and services	3,296.4	3,323.6
Consolidated Gross Profit	2,960.7	2,996.4
Consolidated (Loss) / Profit from Operations	(4,075.4)	10,961.7
(Loss) / Profit For the Period	(4,184.9)	13,330.9

Attributable to:
IRSA CP's Shareholders	(4,359.5)	12,965.6
Non-Controlling interest	174.6	365.3

EPS (Basic)	(34.60)	102.89
EPS (Diluted)	(34.60)	102.89

Balance Sheet	12/31/2018	06/30/2018
Current Assets	10,857.1	13,591.5
Non-Current Assets	69,930.5	73,431.8
Total Assets	80,787.6	87,023.3
Current Liabilities	2,766.1	3,334.6
Non-Current Liabilities	34,094.6	34,975.7
Total Liabilities	36,860.7	38,310.23
Non-Controlling Interest	2,046.4	1,838.9
Shareholders' Equity	43,926.9	48,713.0

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 IIQ19 Results Conference Call on Friday, February 22, 2019 at 2:00 p.m. US EST, 4:00 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=a17c3700-db45-4501-a552-c0563531b8b0

Investor Relations Department
+ 5411 4323-7449
[email protected]

www.irsacp.com.ar

SOURCE IRSA Propiedades Comerciales S.A.