IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the third quarter of the FY 2021 ended March 31, 2021.

Rhea-AI Summary

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.

Positive

• Adjusted EBITDA increased by 65.7% to ARS 12,321 million.
• Sales from Bouchard 710 and Boston Tower contributed significantly to revenue.

Negative

• Net loss widened to ARS 4,794 million compared to ARS 2,384 million in 2020.
• Rental segment EBITDA decreased by 55%.
• Tenant sales growth only at 0.4% in real terms, with a drop of 20.5% when excluding March closures.

BUENOS AIRES, Argentina, May 7, 2021 /PRNewswire/ --

HIGHLIGHTS

• The net result for the nine-month period of fiscal year 2021 recorded a loss of ARS 4,794 million compared to a loss of ARS 2,384 million in the same period of 2020, mainly explained by the negative result due to change in the fair value of investment properties partially offset by higher net financial results.
• Adjusted EBITDA reached ARS 12,321 million in the nine-month period of 2021, increasing 65.7% compared to 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 9,104 million from sales made of the Bouchard 710 building and the Boston Tower. Adjusted EBITDA of the rental segments reached ARS 3,394 million, which represents a 55% drop compared to the same period of the previous year.
• Tenant 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 was reverts to a drop of 20.5%.
• The occupancy of the shopping malls´ portfolio reached 89.5%, while that of A + and A offices reached 81.2%, increasing slightly compared to the previous quarter because of the new building "200 Della Paolera", whose occupancy increased from 74.6% in December 2020 to 76.9% in March 2021.
• 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.

 

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2021
Income Statement	03/31/2021	03/31/2020
Revenues from sales, leases and services	5,668	10,470
Consolidated Gross Profit	4,720	9,425
Consolidated (Loss) / Profit from Operations	(8,316)	8,082
Loss for the Period	(4,794)	(2,384)
Attributable to:
IRSA CP's Shareholders	(4,780)	(2,515)
Non-Controlling interest	(14)	131
EPS (Basic)	(8.83)	(19.96)
EPS (Diluted)	(8.83)	(19.96)
Balance Sheet	03/31/2021	06/30/2020
Current Assets	14,705	20,205
Non-Current Assets	152,621	175,413
Total Assets	167,326	195,618
Current Liabilities	14,178	22,232
Non-Current Liabilities	67,300	71,080
Total Liabilities	81,478	93,312
Non-Controlling Interest	5,506	5,535
Shareholders' Equity	85,848	102,306

IRSA Propiedades Comerciales cordially invites you to participate in the IIIQ FY 2021 Results Conference Call on Monday, May 10, 2021 at 10:00 a.m. US EST, 11:00 a.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/84685263640?pwd=SnRlcHhncFQ4MUF6aXoyS2QxTXpCUT09 
Webinar ID: 846 8526 3640
Password: 485277

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 was IRCP's net loss for the nine-month period ending March 31, 2021?

IRCP reported a net loss of ARS 4,794 million.

How much did the adjusted EBITDA increase for IRCP in fiscal year 2021?

The adjusted EBITDA for IRCP increased by 65.7% to ARS 12,321 million.

What were the tenant sales growth figures for IRCP's shopping malls in Q3 2021?

Tenant sales grew by 0.4% in real terms in Q3 2021.

What has been the impact of government restrictions on IRCP's shopping malls?

As of the latest update, 44% of IRCP's shopping mall portfolio remains operational due to government closures.