BUENOS AIRES, Argentina, Feb. 11, 2011 /PRNewswire/ -- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the First Six Months Fiscal Year 2011 Ended December 31, 2010
HIGHLIGHTS
The rental segments, which accounted for 74% of revenues and 85% of EBITDA, improved 27% and 24% concerning those indicators for the first six months of fiscal year 2011 compared to the same period of the previous fiscal year.
The increase in such segments was offset by a lower activity in the Sales and Developments segment and lower revenues from the consumer finance segment due to the sale of the 80% interest in Tarshop S.A. in September 2010.
Revenues for the first six months of the fiscal year increased 6% to Ps. 698 million, and operating results rose 3% to Ps. 301 million, whereas EBITDA increased 2% to Ps. 380 million.
The Shopping Center segment, in which IRSA increased its shareholding interest to 94.9%, continues to exhibit a sound performance, with an increase in Sales of 31% and EBITDA/Sales margins at 77%.
Hotel operations have shown a firm recovery.
We continue to seize opportunities in the U.S. real estate market, having acquired an office building in Manhattan and restructuring the debt associated to the Lipstick Building, in which we increased our interest to 49%.
Net income was Ps. 171 million compared to Ps. 264 million in the same period of the previous fiscal year due to lower income from Banco Hipotecario S.A., mainly reflecting a lower appreciation of public bond holdings during this semester as compared to the same period of the previous fiscal year.
During the last quarter, IRSA distributed dividends for Ps. 120 million (Ps. 0.207 per share or Ps. 2.07 per ADR)
First Six Months Fiscal Year 2011 Financial Highlights (In thousands of Argentine Pesos) Ended December 31, 2010 12-31-10 12-31-09 Total sales 697,675 656,595 Operating Income 300,683 291,842 Net Income 170,558 264,313 Net Income per GDS 2.95 4.57 12-31-10 06-30-10 Total Current Assets 1,111,793 1,190,332 Total Non Current Assets 4,975,162 4,443,109 Total Assets 6,086,955 5,633,441 Short-Term debt 718,809 609,190 Total Current Liabilities 1,330,713 1,341,620 Long-term debt 1,747,770 1,031,528 Total Non Current Liabilities 1,970,204 1,325,668 Total Liabilities 3,300,917 2,667,288 Minority interest 327,986 563,107 Shareholders' Equity 2,458,052 2,403,046
IRSA Inversiones y Representaciones S.A. 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 First Six Months Fiscal Year 2011 Results Conference Call on Friday, February 18, 2011 at 9:00 a.m. Eastern Time
To participate, please call: 800 - 314 - 6696 If you are in the US or +1 - 706 - 758 - 8485 for international calls To access the webcast, click on the link below: http://www.videonewswire.com/event.asp?id=76846
IRSA Inversiones y Representaciones Sociedad Anonima
CONTACT: Investor Relations Department, IRSA Inversiones y
Representaciones S.A., +011-54-11-4814-7800, ir@irsa.com.ar
Web Site: http://www.irsa.com.ar/
