IRSA Inversiones y Representaciones S.A. announces today its results for the third quarter of the Fiscal Year 2021 ended March 31, 2021

BUENOS AIRES, Argentina, May 11, 2021 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the third quarter of the Fiscal Year 2021 ended March 31, 2021.

HIGHLIGHTS

• The net result for nine-month period of fiscal year 2021 recorded a loss of ARS 14,712 million compared to a ARS 5,975 million loss in the same period of 2020.
  
  
• The result from continuing operations recorded a loss of ARS 6,670 million mainly due to negative results from changes in the fair value of the investment properties. The result of discontinued operations recorded a loss of ARS 8,042 million because of the deconsolidation of the investment in Israel since September 30, 2020.
  
  
• Adjusted EBITDA reached ARS 11,604 million in the nine-month period of fiscal year 2021, increasing 57.8% compared to the same period of 2020, mainly explained by the Sales and Developments segment, due to the sales made by IRSA Commercial Properties. Adjusted EBITDA of the rental segments was reduced by 62,5% in the period, reaching ARS 3,116 million.
  
  
• Regarding the rental portfolio, tenants' sales in shopping malls grew 0.4% in real terms in the third quarter of fiscal year 2021 compared to 2020. Excluding the second fortnight of March, which had the shopping centers partially or totally closed in 2020, the variation reverts to a drop of 20.5%. Occupancy in shopping centers reached 89.5%, while A + and A offices reached 81.2%. The hotels have been operating since December 2020 with low occupancy levels.
  
  
• Subsequently, the national government ordered, among other restrictive measures related to the COVID-19 pandemic, the closure of shopping malls in the Buenos Aires Metropolitan Area from April 16 to May 21 inclusive. Therefore, to date, 44% of the portfolio remains operational.
  
  
• In financial matters, during the quarter we issued Notes in the local market, through Series X, XI and XII, for a total amount of USD 65.5 million and, as a subsequent event, we made a capital increase of 80 million shares for the sum of USD 28.8 million.

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2021

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, with investments in the US, cordially invites you to participate in its IIIQ FY 2021 Results Conference Call on Thursday, May 13, 2021, at 01:00 PM US Eastern Time / 02:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/87316392990?pwd=MmdzdDlmTm93VktkOVNTcnpHam1pdz09 
Webinar ID: 873 1639 2990
Password: 449036

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brazil: +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

United States of America: +1 312 626 6799 or +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: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

Investor Relations Department:
+ 5411 4323-7449
[email protected] 
https://www.irsa.com.ar/home-inversores.php?lng=en 

Follow us on Twitter @irsair

SOURCE IRSA Inversiones y Representaciones S.A.

Related Links

http://www.irsa.com.ar