IRSA Inversiones y Representaciones S.A. announces today its results for the first quarter of the Fiscal Year 2022 ended September 30, 2021.

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported its Q1 FY 2022 results, ending September 30, 2021. The rental segment showed recovery, with an adjusted EBITDA of ARS 2,152 million but is still down 36.5% year-over-year. The net loss for the quarter was ARS 1,014 million, a stark contrast to last year's profit of ARS 22,468 million, mainly due to changes in the fair value of investment properties. A corporate merger process with IRSA CP was approved, and the subsidiary sold three floors of a commercial building for USD 32 million.

Positive

• Rental segment recovery in shopping malls and hotels with adjusted EBITDA of ARS 2,152 million.
• IRSA CP subsidiary sold property for approximately USD 32 million.

Negative

• Net loss of ARS 1,014 million compared to a profit of ARS 22,468 million last year.
• Consolidated loss from operations of ARS 4,689 million versus a profit of ARS 35,856 million in the previous year.

BUENOS AIRES, Argentina, Nov. 10, 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 first quarter of the Fiscal Year 2022 ended September 30, 2021.

HIGHLIGHTS

• Rental segment showed a recovery in the main indicators of shopping malls and hotels, while the office segment showed a slight decrease in the average rent and occupancy. The rental adjusted EBITDA reached ARS 2,152 million during the quarter (ARS 1,506 million in shopping malls, ARS 567 million in offices and ARS 79 million in hotels), 36.5% lower than the 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 1,014 million compared to a gain of ARS 22,468 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 the company and IRSA CP, in which IRSA would be the absorbing company. The process is subject to the approval of the Shareholders' Meeting that will be carried out in the coming months.
• As a subsequent event, our subsidiary IRSA CP 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	4,382	2,453
Consolidated Gross Profit	2,628	780
Net result from changes in the fair value of investment properties	(6,494)	36,728
Consolidated (Loss) / Profit from Operations	(4,689)	35,856
Result for the Period	(1,014)	12,716
Attributable to:
IRSA's Shareholders	(600)	10,086
Non-Controlling interest	(414)	2,630
EPS (Basic)	(0.91)	17.53
EPS (Diluted)	(0.91)	17.48
Balance Sheet	09/30/2021	06/30/2021
Current Assets	15,308	15,216
Non-Current Assets	221,796	228,247
Total Assets	237,104	243,463
Current Liabilities	21,251	24,192
Non-Current Liabilities	126,629	128,868
Total Liabilities	147,880	153,060
Non-Controlling Interest	22,423	22,831
Shareholders' Equity	89,224	90,403

 

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, cordially invites you to participate in its IQ FY 2022 Results Conference Call on Wednesday, November 10, 2021, at 02:00 PM US Eastern Time / 04:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/87584599610?pwd=ZTUvVXdGRGhUbnIzMDBBc0tWdTdudz09 
Webinar ID: 875 8459 9610
Password: 450632

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
ir@irsa.com.ar
https://www.irsa.com.ar/home-inversores.php?lng=en 
Follow us on Twitter @irsair

 

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SOURCE IRSA Inversiones y Representaciones S.A.

FAQ

What are the key financial results for IRS in Q1 FY 2022?

In Q1 FY 2022, IRS reported revenues of ARS 4,382 million, a gross profit of ARS 2,628 million, and a net loss of ARS 1,014 million.

How does IRSA's Q1 FY 2022 performance compare to the previous year?

IRS experienced a significant decline with a net loss of ARS 1,014 million compared to a profit of ARS 22,468 million in Q1 FY 2021.

What significant corporate actions were announced by IRS?

The Board approved a merger by absorption between IRSA and IRSA CP, pending shareholder approval.

What asset sales occurred recently for IRS?

IRS's subsidiary sold three floors of the '261 Della Paolera' building for about USD 32 million.

What is the current EPS (Earnings Per Share) for IRS?

The EPS for IRS in Q1 FY 2022 is (0.91) compared to 17.53 in Q1 FY 2021.