IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the Fiscal Year 2020 ended June 30, 2020.

BUENOS AIRES, Argentina, Sept. 23, 2020 /PRNewswire/ --

HIGHLIGHTS

• Net income for fiscal year 2020 recorded a gain of ARS 18,153 million, mainly explained by a higher value in pesos of our investment properties generating a gain of ARS 25,126 million, offset by higher net financial results losses.
• On March 20, because of the social, preventive, and compulsory isolation due to the COVID-19 pandemic, shopping malls throughout the country were closed, leaving exclusively those premises dedicated to essential items such as pharmacies, supermarkets and banks. This impact has been mainly reflected in the results of the fourth quarter of the year.
• Adjusted EBITDA for fiscal 2020 reached ARS 6,152 million, 16.5% in real terms below fiscal year 2019. Adjusted EBITDA for the Shopping Center segment, affected by the pandemic, decreased 37.5% while that of the office segment grew 7.7%.
• Tenant sales in Shopping Centers fell 25.9% in real terms in fiscal 2020 compared to 2019. In the fourth quarter, sales fell 92.9% affected by the closure of operations. Portfolio occupancy fell slightly, reaching 93.2%.
• 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.
• During the fourth quarter of the year and after closing, we have sold approximately 25,000 sqm of premium offices for a total amount of USD 145.5 million.
• As a subsequent event, in September, we canceled Series IV notes for a total amount of USD 140 million.

Financial Highlights

(In millions of Argentine Pesos)
FY 2020
Ended June 30, 2020

IRSA Propiedades Comerciales cordially invites you to participate in the Fiscal Year 2020 Results Conference Call on Wednesday, September 23, 2020 at 02:00 p.m. US EST, 03:00 p.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/99058933685?pwd=NW4yTzBsM3g0dUNxb2FkQUQwTW5CQT09 
Webinar ID: 990 5893 3685
Password: 756113

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
[email protected] 
https://www.irsacp.com.ar/home-inversores.php?lng=en 
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SOURCE IRSA Propiedades Comerciales S.A.

Related Links

http://www.irsacp.com.ar