IRSA Propiedades Comerciales S.A. announces Results for the nine-month period of FY 2017 Ended March 31, 2017

BUENOS AIRES, Argentina, May 15, 2017 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; MERVAL: IRCP), the leading commercial real estate company in Argentina, announces its results for the nine-month period of FY 2017 ended March 31, 2017.

During the quarter, IRSA Commercial Properties' Board of Directors decided to change the valuation method of investment properties (mainly shopping malls, offices and land reserves) from historical cost to fair market value, in accordance with the International Financial Reporting Standards (IFRS). The reason for this change is the need to adjust the valuation of investment property to its fair market value, for its amortized acquisition cost is not reflective of their economic substance. The Company has recognized in this financial statements the effects of this. The Company has retained an independent appraiser to estimate the fair market value of its investment properties.

HIGHLIGHTS

• We have decided to change the valuation method of our investment properties which was reflected in the current financial statements.
  
  
• Net gain for the nine-month period of FY 2017 reached ARS 2,454 million compared to ARS 11,020 million in the same period of FY 2016.
  
  
• The Company's EBITDA reached ARS 3,818 million in the nine-month period of 2017 compared to ARS 17,175 million in 9M16. Excluding the effect of the change in reasonable value of investment properties, the EBITDA grew by 31.2% in the compared period.
  
  
• Our shopping centers' sales grew by 19.9% in the nine-month period of 2017 and the portfolio's occupancy rate reached 98.0%.
  
  
• We maintained 100% occupancy in our portfolio of Premium Offices.
  
  
• As a consequent event, we paid a cash dividend of ARS 310 million, equivalent to ARS 2.4600 per ordinary share and ARS 9.8401 per ADR.
  
  
• Net Income for the six-month period of FY 2017 reached ARS 518.4 million compared to ARS 432.2 million in the same period of FY 2016.

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, MERVAL: 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 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 nine-month period of FY 2017 Results Conference Call on Monday, May 15, 2017 at 9:00 a.m. US EST.

If you would like to participate, please call: 
1-844-308-3343 (toll free) ó
1-412-717-9602 (international)
Conference ID # IRSA CP

To access the webcast, click on the link below:
http://webcast.engagex.com/Cover.aspx?PlatformId=%2BbFM%2FQriVqxhG5ygdel0AA%3D%3D

Investor Relations Department
+ 5411 4323-7449
[email protected]
www.irsacp.com.ar
Follow us on Twitter @irsacpir

SOURCE IRSA Propiedades Comerciales S.A.

Related Links

http://www.irsacp.com.ar