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IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP) has reported its first-quarter results for FY 2022, ending September 30, 2021. Tenant sales in shopping malls decreased by 10.7% compared to 2020, with portfolio occupancy at 90%. Office revenue fell 13.1%, causing adjusted EBITDA to drop 36% to ARS 2,064 million. The company incurred a net loss of ARS 1,801 million, down from a profit of ARS 20,275 million in the prior year. A corporate merger is on the horizon, pending shareholder approval. The sale of a building for approximately USD 32 million was also confirmed.
IRSA Propiedades Comerciales S.A. (NASDAQ:IRCP) has initiated a corporate reorganization involving a merger with IRSA Inversiones y Representaciones SA. Approved by the Board of Directors, the merger will see IRSA absorbing IRSA PC, with the exchange ratio set at 1.40 IRSA shares for each IRSA PC share. Consolidated financial statements as of June 30, 2021, have been approved. The merger is pending shareholder approval and SEC clearance, with an effective date of July 1, 2021.
IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP) reported its fiscal year 2021 results, revealing significant challenges due to the COVID-19 pandemic. Tenant sales in shopping malls fell by 27.8%, and office revenue dropped 21.9%. Adjusted EBITDA from rentals declined 47.3% to ARS 4,670 million, while total Adjusted EBITDA rose 54.1% to ARS 14,477 million due to investment property sales. The company faced a net loss of ARS 22,537 million, primarily due to fair value losses on investments. The firm sold 29,700 sqm of offices for USD 170.6 million and canceled USD 140 million in notes while distributing ARS 9,700 million in dividends.
On July 8, 2021, IRSA Commercial Properties (IRCP) announced the approval from Argentina's Comisión Nacional de Valores and the Buenos Aires Stock Exchange for capitalizing inflation adjustments in share capital and changing the nominal value of shares. The capital stock will see a shift from ARS 1 to ARS 100 per share, with a total capitalization resulting in 541,230,019 shares. Effective July 20, 2021, shareholders will receive new shares with equal economic rights. The market valuation of IRCP after these adjustments is pegged at ARS 54,123,001,900.
IRSA Propiedades Comerciales reported a net loss of ARS 4,794 million for the nine-month period ended March 31, 2021, a significant increase from a loss of ARS 2,384 million in 2020. While adjusted EBITDA rose 65.7% to ARS 12,321 million driven by sales in the Bouchard 710 building and Boston Tower, rental segment EBITDA fell 55%. Tenant sales in shopping malls only grew 0.4% in real terms. Occupancy rates for shopping malls and A + offices improved slightly to 89.5% and 81.2%, respectively. The government imposed shopping mall closures from April 16 to May 21, with 44% of the portfolio still operational.
IRSA Propiedades Comerciales reported a significant net profit of ARS 5,285 million for the first semester of fiscal year 2021, a turnaround from the ARS 341 million loss in the same period last year. This was primarily due to improved valuations of investment properties and better net financial outcomes. Adjusted EBITDA surged by 90.7% to ARS 8,883 million, driven largely by the Sales segment. However, the rental segment's EBITDA declined by 66%.
Tenant sales in shopping centers fell by 11.4%, with occupancy rates down to 88.3%.
IRSA Propiedades Comerciales reported a strong first quarter of fiscal year 2021, with a profit of ARS 13,298 million, up from ARS 3,089 million in the same quarter last year, driven by increased investment property valuations. Adjusted EBITDA surged 157.7% to ARS 5,184 million, primarily from the Sales and Developments segment, despite a significant 79.4% drop in tenant sales in shopping malls. The company also declared a cash dividend amounting to ARS 9.7 billion, scheduled for distribution on November 25.
IRSA Propiedades Comerciales reported a net income of ARS 18,153 million for FY 2020, primarily from increased valuations of investment properties. However, Adjusted EBITDA fell by 16.5% from 2019 to ARS 6,152 million, with Shopping Center segment EBITDA dropping 37.5%. Tenant sales plummeted 25.9% in real terms, with Q4 showing a dramatic 92.9% decline. The company sold USD 145.5 million in premium offices and canceled USD 140 million Series IV notes, balancing its financial strategies.
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