IRSA Inversiones y Representaciones S.A. Announces Results for the First nine months 2014 Ended March 31, 2014 - WICU12 HD WSEE Erie, PA News, Sports, Weather and Events

IRSA Inversiones y Representaciones S.A. Announces Results for the First nine months 2014 Ended March 31, 2014

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SOURCE IRSA Inversiones y Representaciones S.A.

BUENOS AIRES, Argentina, May 12, 2014 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the first nine months of Fiscal Year 2014 Ended March 31, 2014

HIGHLIGHTS

  • Net income attributable to the company's shareholders recorded a loss of Ps. 92.0 million in the nine-month period of 2014, compared to a gain of Ps. 320.6 million in the same period of 2013, mainly explained by exchange rate differences.
  • During the third quarter of 2014, revenues increased by 31,1% compared to 2013.
  • The company's EBITDA grew by 28.5% compared to the nine-month period 2013, mainly explained by better results from the rental segment and the sale of 1 floor of "La Nacion" building during this quarter. Excluding the consolidation of Madison Building during 2013, EBITDA grew by 36,9% in the nine-month period of FY2014 compared to 2013.
  • Our shopping centers' sales grew by 29.9% as compared to the third quarter of 2013 and portfolio occupancy stood at 98.8%. EBITDA from this segment rose by 21.0% and the EBITDA/revenue margin reached 78.6%.
  • Revenues from the Offices segment grew by 28.3%, in spite of the reduction in leaseable area resulting from the sales made in 2013. We maintained our portfolio's occupancy at 98.7%.

 

          Financial Highlights

(In millions of Argentine Pesos)

Nine month period 9M 2014

Ended March 31, 2014

 

Income Statement

03/31/2014

03/31/2013

Revenues

2,047.8

1,594.1

Consolidated Gross Profit

1,100.0

802.9

Consolidated Profit from Operations

893.2

749,7

Profit / (Loss) For the Period

(78.8)

379,3




Attributable to:



IRSA's Shareholders

(92.0)

320.6

Non-Controlling interest

13.2

58.6




EPS (Basic)

0.04

0.39

EPS (Diluted)

0.04

0.39




Balance Sheet

03/31/2014

06/30/2013

Current Assets

1,234.5

1,839.3

Non Current Assets

8,216.4

6,487.2

Total Assets

9,459.9

8,326.5

Current Liabilities

1,374.3

1,605.2

Non Current Liabilities

5,167,5

3,590,6

Total Liabilities

6,541.8

5,195.8

Non-Controlling Interest

428.6

385.2

Shareholders' Equity

2,489.5

2,745.5

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.

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

IRSA cordially invites you to participate in its First nine-month 2014 Results Conference Call on Wednesday, May 14, 2014, at 11:00 AM Eastern Time

If you would like to participate, please call:
United States:  (888)-734-0544
International:  +1-706-758-3363
Argentina: 0-800-666-0273
ID# 35292675

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=2418

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
ir@irsa.com.ar

©2012 PR Newswire. All Rights Reserved.

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