IRSA Propiedades Comerciales S.A. Announces its Results for the First Quarter of the FY 2022 ended September 30, 2021

Rhea-AI Summary

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.

Positive

• Sold 3 floors of '261 Della Paolera' building for approximately USD 32 million.

Negative

• Tenant sales in shopping malls fell 10.7% compared to 2020.
• Office revenue decreased by 13.1%.
• Portfolio occupancy for A+ and A buildings dropped to 79%.
• Adjusted EBITDA fell 36% year-over-year.
• Net loss of ARS 1,801 million compared to a profit of ARS 20,275 million in same quarter last year.

BUENOS AIRES, Argentina, Nov. 5, 2021 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the first quarter of the FY 2022 ended September 30, 2021.

HIGHLIGHTS

• Tenant sales in shopping malls fell 10.7% in real terms in the first quarter of fiscal year 2022 compared to the same period of 2020, not affected by the pandemic. Portfolio occupancy stood at 90%. Office revenue fell 13.1%, and occupancy in A + and A buildings fell slightly to 79%. The rental adjusted EBITDA reached ARS 2,064 million during the quarter, 36% lower than that observed in the same period of 2020, not affected by the closure of operations.
• The net result for the first quarter of fiscal year 2022 recorded a loss of ARS 1,801 million compared to a gain of ARS 20,275 million in the same quarter of the previous fiscal year, mainly explained by negative results due to changes in the fair value of investment properties.
• During the quarter, the Company's Board of Directors approved a corporate reorganization process consisting of the merger by absorption between IRSA and the company, in which IRSA would absorb IRSA PC. The process is subject to the approval of the Shareholders' Meeting that will be carried out in the coming months.
• As a subsequent event, we sold 3 floors of "261 Della Paolera" building with a surface area of 3,582 sqm for an approximate amount of USD 32 million.

 

Financial Highlights (In millions of Argentine Pesos) 3M FY 2022
Income Statement	09/30/2021	09/30/2020
Revenues from sales, leases and services	2,915	1,365
Consolidated Gross Profit	2,472	985
Consolidated (Loss) / Profit from Operations	(3,868)	24,480
(Loss) / Profit for the Period	(1,801)	20,275
Attributable to:
IRSA CP's Shareholders	(1,709)	18,828
Non-Controlling interest	(92)	1,447
EPS (Basic)	(3.16)	34.79
EPS (Diluted)	(3.16)	34.79
Balance Sheet	09/30/2021	06/30/2021
Current Assets	23,173	24,756
Non-Current Assets	163,585	169,113
Total Assets	186,758	193,869
Current Liabilities	12,282	14,342
Non-Current Liabilities	91,022	94,274
Total Liabilities	103,304	108,616
Non-Controlling Interest	5,972	6,064
Shareholders' Equity	83,454	85,253

IRSA Propiedades Comerciales cordially invites you to participate in the IQ FY 2022 Results Conference Call on Monday, November 8, 2021, at 09:00 a.m. US EST, 11:00 a.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/83463226454?pwd=SGJtV2ZxaGJ2NllJUCtGbzNEVnRpZz09 
Webinar ID: 834 6322 6454
Password: 680099

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

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

Estados Unidos de América: +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
ir@irsacp.com.ar 
https://www.irsacp.com.ar/home-inversores.php?lng=en 
Follow us on Twitter @irsacpir

 

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SOURCE IRSA Propiedades Comerciales S.A.

FAQ

What were the financial results for IRSA Propiedades Comerciales for Q1 FY 2022?

IRSA Propiedades Comerciales reported a net loss of ARS 1,801 million for Q1 FY 2022, down from a profit of ARS 20,275 million in Q1 FY 2021.

How did tenant sales perform for IRSA Propiedades Comerciales in Q1 FY 2022?

Tenant sales in shopping malls fell by 10.7% in real terms compared to the same period in 2020.

What is the current occupancy rate for IRSA's portfolio?

The portfolio occupancy stood at 90% as of the first quarter of FY 2022.

What significant corporate action is IRSA Propiedades Comerciales planning?

IRSA's Board of Directors approved a merger by absorption between IRSA and IRSA Propiedades Comerciales, subject to shareholder approval.

What was the adjusted EBITDA for IRSA Propiedades Comerciales in Q1 FY 2022?

The adjusted EBITDA for the quarter was ARS 2,064 million, a 36% decrease compared to the same quarter in 2020.