In This Article:
BUENOS AIRES, Argentina, Feb. 7, 2025 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the second quarter of the Fiscal Year 2025 ended December 31, 2024.
HIGHLIGHTS
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The net result for the first semester of fiscal year 2025 recorded a loss of ARS 40,971 million compared to a gain of ARS 319,226 million in the same period of the previous year, mainly due to the loss recorded from changes in the fair value of investment properties. This is an accounting effect that does not imply cash movements.
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Real tenant sales in shopping malls continue to recover on a quarterly basis. They increased by 21.4% compared to the previous quarter but declined by 8.5% compared to the same period of fiscal year 2024. The segment's adjusted EBITDA for the semester reached ARS 94,539 million, just 2,0% below the same period of the previous year.
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During the quarter, we acquired a new shopping mall "Terrazas de Mayo", located in Malvinas Argentinas in the northwest of Greater Buenos Aires for a total amount of USD 27.75 million. The mall has a leasable area of 33,700 sqm and 86 stores.
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During the second quarter we reached 100% occupancy of our premium office portfolio and sold an additional floor of the Della Paolera 261 building for USD 7.1 million.
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The Hotels segment recorded lower revenues and occupancy in the first half of fiscal year 2025 compared to 2024, in a context of greater appreciation of the Argentine peso against the U.S. dollar.
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Subsequently, we signed sale agreements for two lots of the Ramblas del Plata project with an estimated saleable area of 40,000 sqm to a local developer for the sum of USD 23.4 million.
Financial Highlights
(In millions of Argentine Pesos)
6M FY 2025
| Income Statement | 12/31/2024 | 12/31/2023 |
| Revenues | 212,141 | 220,936 |
| Consolidated Gross Profit | 130,934 | 149,605 |
| Net result from changes in the fair value of investment properties | (233,073) | 300,126 |
| Consolidated Result from Operations | (149,784) | 420,889 |
| Result for the Period | (40,971) | 319,226 |
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| Attributable to: | | |
| IRSA's Shareholders | (39,773) | 308,177 |
| Non-Controlling interest | (1,198) | 11,049 |
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| EPS (Basic) | (54.19) | 412.55 |
| EPS (Diluted) | (54.19) | 413.11 |
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| Balance Sheet | 12/31/2024 | 06/30/2024 |
| Current Assets | 271,335 | 275,848 |
| Non-Current Assets | 2,230,471 | 2,439,662 |
| Total Assets | 2,501,806 | 2,715,510 |
| Current Liabilities | 380,247 | 333,008 |
| Non-Current Liabilities | 885,019 | 986,524 |
| Total Liabilities | 1,265,266 | 1,319,532 |
| Non-Controlling Interest | 80,071 | 89,386 |
| Shareholders' Equity | 1,236,540 | 1,395,978 |
The Company's market capitalization as of December 31, 2024, was approximately USD 1,117 million. (74,829,790 GDS with a price per GDS of USD 14.93).