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IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the third quarter of the Fiscal Year 2024 ended March 31, 2024
BUENOS AIRES, Argentina, May 7, 2024 /PRNewswire/ --
HIGHLIGHTS
The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 111,728 million compared to a gain of ARS 123,217 million in the same period of the previous year, mainly explained by the impact of inflation exposure on the fair value of investment properties.
The rental adjusted EBITDA reached ARS 112,911 million in the nine months of fiscal year 2024, 9.1% higher than the same period of the previous year, ARS 86,475 million coming from the Shopping Malls segment, ARS 8,776 million from the office segment and ARS 17,660 million from the Hotels. Total adjusted EBITDA reached ARS 128,826 million, increasing 6.3% compared to the same period of the previous year.
Real tenant sales in shopping malls fell 18.5% in the third quarter of fiscal year 2024 as a result of the acceleration of inflation and a drop in consumption. In the accumulated nine-month period of the year, sales grew by 0.9% compared to the same period in 2023.
We maintained high occupancy rates in the three rental segments: 97.9% in shopping centers, 92.8% in our premium offices and 68.7% in the hotel portfolio.
During the quarter and subsequently, we repurchased approximately 1.7% of the stock capital and in May 2024, we approved a new cash dividend for ARS 55,000 million (ARS/share 76.1457 and ARS/GDS 761.4575), which will be distributed since May 9.
Financial Highlights(In millions of Argentine Pesos)9M FY 2024
Income Statement
03/31/2024
03/31/2023
Revenues
213,565