IRSA Propiedades Comerciales S.A. announces results for the third quarter of FY 2020

BUENOS AIRES, Argentina, June 5, 2020 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the third quarter of the FY 2020 ended March 31, 2020.

HIGHLIGHTS

• The net result for the nine-month period of fiscal year 2020 registered a loss of ARS 1,671 million compared to a loss of ARS 6,634 million in the same period of 2019. This lower loss is explained by higher results due to changes in the fair value of the investment properties offset by a greater loss in net financial results.
• The company's adjusted EBITDA for the nine-month period of fiscal year 2020 reached ARS 5,152 million, decreasing by 3.1% in real terms compared to the same period in 2019.  Adjusted EBITDA for Shopping Malls segment decreased by 16, 6%, while Adjusted EBITDA for the office segment increased by 11.9%.
• On March 20, as a consequence of the social, preventive and compulsory lockdown due to the COVID-19 pandemic, the shopping malls throughout the country were closed, working exclusively those stores dedicated to essential activities such as pharmacies, supermarkets and banks. The impact will be reflected mainly in the Financial Statements of the 4^th quarter of FY 2020 as it only affected 10 days of operations this quarter.
• Shopping Malls´ tenant sales fell by 3.7% in real terms in the nine-month period of 2020 compared to the same period in 2019. In the third quarter, tenant sales decreased by 11.9% mainly due to the impact of the last 10 days of March without operations. Portfolio occupancy remains at 95% levels.
• Regarding the Office segment, although most of our tenants have been working at home since mandatory quarantine was decreed, they are operating under strict safety and hygiene protocols.

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2020

IRSA Propiedades Comerciales cordially invites you to participate in the IIIQ FY 2020 Results Conference Call on Monday, June 8, 2020 at 03:00 p.m. US EST, 04:00 p.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/s/91550072355?pwd=cnNRZ3VoalovR1FvMVBncHM1SDZ0UT09 
Webinar ID: 915 5007 2355
Password: 127350

In addition, you can participate communicating to this numbers:
Argentina: +54 112 040 0447 or +54 341 512 2188 or +54 343 414 5986
Israel: +972 55 330 1762 or +972 3 978 6688
Brazil: +55 21 3958 7888 or +55 11 4680 6788
US: +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592
Chile: +56 23 210 9066 or +56 232 938 848 or +56 41 256 0288

Investor Relations Department
+ 5411 4323-7449
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https://www.irsacp.com.ar/home-inversores.php?lng=en 
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SOURCE IRSA Propiedades Comerciales S.A.

Related Links

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