IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the nine-month period of FY 2012 Ended March 31, 201

^{Published on 2012-05-14 20:02:59 - Market Wire}
 

IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the nine-month... -- BUENOS AIRES, Argentina, May 14, 2012 /PRNewswire/ --

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BUENOS AIRES, Argentina, May 14, 2012 /PRNewswire/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: [ IRS ]; BASE: IRSA), the leading real estate company in Argentina, announces its results for the first nine months of FY 2012 Ended March 31, 2012

HIGHLIGHTS

• IRSA's revenues for the third quarter of 2012 increased 7.4% to $ 339.2 million, and EBITDA grew 16.5% to $ 186.0 million.
• Revenues and EBITDA from the Shopping Center segment grew 30.5% and 34.4%, respectively, for the first nine months of fiscal year 2012 as compared to 2011. The EBITDA/Sales margin reached 80% and occupancy was over 97%.
• Revenues and EBITDA from the Office segment increased 15.2% and 23.9%, respectively, for the nine-month period. This improvement reflects mainly the 100% occupancy of the "Dot Building", which increased portfolio occupancy to 97%.
• For the first nine months ended March 31, 2012, net income was $ 216.7 million, 2.9% lower than in the same period of the previous fiscal year, mainly due to higher financial losses and lower income from subsidiaries, in particular Hersha, which had recorded income for $ 40 million in the previous fiscal year as a result of the sale of shares.
• In February 2012, the Company, through Real Estate Strategies, L.P. ("RES") in which it holds a 66.79% interest, completed the purchase of 3,000,000 preferred shares convertible into common shares issued by Supertel Hospitality Inc. (SHI) for a total amount of US $ 30 million.
• On February 14, 2012, IRSA issued its Series II and IV simple, non-convertible Notes for $ 300 million.
• The company's Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders' Meeting to be held on May 23, 2012 which will consider the payment of a cash dividend, among other matters.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.

A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION IS AVAILABLE ON THE WEB SITE: [ WWW.IRSA.COM.AR ]

IRSA cordially invites you to participate in its nine month FY 2012 Results Conference Call on Friday, May 18, 2012 at 14:00 Eastern Time

To participate, please call:
888-734-0544 If you are in the US or
+1-706-758-3363 for international calls
PIN# 72904751

To access the webcast, click on the link below:
[ http://webcast.mz-ir.com/publico.aspx?codplataforma=3808 ]

SOURCE IRSA Inversiones y Representaciones Sociedad Anonima

RELATED LINKS
[ http://www.irsa.com.ar ]