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IRSA Propiedades Comerciales S.A. announces Results for the first quarter of FY 2018 Ended September 30, 2017

BUENOS AIRES, Argentina, Nov. 7, 2017 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; MERVAL: IRCP), the leading commercial real estate company in Argentina, announces its results for the first quarter of FY 2018 ended September 30, 2017.

HIGHLIGHTS

  • Net gain for the first quarter of FY 2018 reached ARS 1,934.7 million, 148.2% higher compared to the gain registered in IQ17 mainly explained by higher results from changes in the fair value of investment properties.

  • The Company's Adjusted EBITDA reached ARS 755.8 million in IQ18 increasing by 34.6% compared to the same quarter of 2017. Adjusted EBITDA for Shopping Malls and Offices segments reached ARS 648.4 million and ARS 100.1 million, increasing by 26.2% and 39.4% respectively.

  • Our shopping centers' sales grew by 22.5% in the first quarter of FY 2018 compared to the same quarter of 2017 and the portfolio's occupancy rate reached 98.8%.

  • During September 2017, we issued notes in the local capital markets for USD 140 million at a fixed interest rate of 5% due 2020.

  • On October 31, our Shareholders' meeting approved a cash dividend for the sum of ARS 680 million (ARS/share 5.3962 and ARS/ADR 21.5848).

Financial Highlights
(In millions of Argentine Pesos)
IQ18
Ended September 30, 2017



Income Statement

09/30/2017

09/30/2016

Revenues from sales, leases and services

987.1

768.4

Consolidated Gross Profit

887.1

682.4

Consolidated Profit from Operations

3,069.1

1,539.9

Profit / (Loss) For the Period

1,934.7

779.6




Attributable to:



IRSA CP's Shareholders

1,881.1

752.1

Non-Controlling interest

53.6

27.5




EPS (Basic)

14.93

5.97

EPS (Diluted)

14.93

5.97




Balance Sheet

09/30/2017

06/30/2017

Current Assets

7,263.9

4,515.3

Non Current Assets

40,547.5

37,906.2

Total Assets

47,811.4

42,421.5

Current Liabilities

1,602.1

1,800.7

Non Current Liabilities

21,258.4

17,604.6

Total Liabilities

22,860.4

19,405.3

Non-Controlling Interest

924.8

871.2

Shareholders' Equity

24,951.0

23,016.2

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, ByMA: 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 IQ 2018 Results Conference Call on Wednesday, November 8, 2017 at 12:30 p.m. US EST.

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

To access the webcast, click on the link below: http://webcast.engage-x.com/Cover.aspx?PlatformId=8Wd%2FxGeFBcOlFuyH8YjReQ%3D%3D

Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar
www.irsacp.com.ar
Follow us on Twitter @irsacpir

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SOURCE IRSA Inversiones y Representaciones S.A.