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holiday investment property for sale overseas
News and Information Article
BUENOS AIRES, Argentina, May 12 /-FirstCall/ -- IRSA
Inversiones y Representaciones Sociedad Anonima (NYSE: IRS) (BCBA: IRSA),
the leading real estate company in Argentina, announces its results for the
first nine months of fiscal year 2006, ended March 31, 2006.
Net income for the nine-month period ended March 31, 2006, was Ps. 40.9
million, or Ps. 1.11 per GDS, while earnings per diluted GDS totaled Ps.
1.10, compared with a gain of Ps. 78.2 million, or Ps. 3.02 per GDS (Ps.
1.79 per diluted GDS) for the same period in the previous year.
Consolidated net sales for the nine-month period totaled Ps. 381.3
million as compared to Ps. 271.9 million recorded in the same period of the
previous year.
The contribution of the various segments to net sales was as follows:
Sales and Developments Ps. 32.8 million, Offices and Other Rental
Properties Ps. 21.5 million, Shopping Centers Ps. 245.5 million, Hotels Ps.
79.7 million and financial operations and others Ps. 1.7 million.
EBITDA for the nine-month period ended March 31, 2006, amounted to Ps.
183.6 million, an increase of 31.3% as compared to the same period of the
previous fiscal year.
HIGHLIGHTS
-- Operating results grew 44.4%, from Ps. 85.1 million as of March 31,
2005, to Ps. 122.9 million as of March 31, 2006. EBITDA was
Ps. 183.6 million, 31.3% higher than in the same period of the previous
fiscal year.
-- Occupancy at our office buildings continues to experience a material
recovery, reaching 92% during the first nine months of fiscal year 2006,
compared to 85% recorded in the first nine months of the previous
fiscal year.
-- Revenues from the hotel segment posted a significant increase of nearly
17%, from Ps. 68.3 million in the first nine months of fiscal year 2005
to Ps. 79.7 million in the same period of fiscal year 2006. The
increase mainly reflects the rise in average prices per room, which
improved from Ps. 325 to Ps. 379.
-- Driven by the dynamism in the ABC1 segment, we are evaluating many
projects for development and operation. On May 4, 2006, we entered into
a swap agreement in connection with a plot of land we own in the area
of Caballito for a total price of US$ 7.5 million. The development
involves the construction of two residential tower buildings of 34
floors each. In addition, during this quarter, we successfully
continued sales of the units owned by the Company in Edificios Cruceros
and are making further progress in the Torres Renoir, Benavidez and
Laguna Azul projects.
-- APSAs operating income was 65% higher than in the same period of the
previous year, reaching Ps. 105.7 million. EBITDA increased 43.4%, to
Ps. 153.2 million in the nine-month period ended March 31, 2006.
-- Our tenants sales increased by 32.2% in the nine-month period ended
March 31, 2006, and occupancy at our shopping centers reached 99.1%.
Financial Highlights
(In thousands of Argentine Pesos)
03-31-06 03-31-05
Total sales 381,270 271,890
Gross income 217,059 154,431
Financial results, net -42,703 -3,297
Net Income - (Loss) 40,907 78,205
Net Income per GDS 1.11 3.02
Net Income per GDS diluted 1.10 1.79
03-31-06 06-30-05
Total Current Assets 466,155 389,735
Non Current Assets 2,165,899 2,134,691
Total Assets 2,632,054 2,524,426
Short-Term debt 77,450 93,918
Total Current Liabilities 371,735 310,977
Long-term debt 368,925 389,755
Total Non-Current Liabilities 473,648 515,381
Total Liabilities 845,383 826,358
Minority interest 445,903 445,839
Shareholders Equity 1,340,768 1,252,229
IRSA is Argentinas largest, most well-diversified real estate company,
and it is the only company in the industry whose shares are listed on 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.
A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION IS
AVAILABLE ON THE WEB SITE: HTTP://WWW.IRSA.COM.AR .
For further information, please contact:
Alejandro Elsztain -- Director
Gabriel Blasi -- CFO
+011-54-11-4323-7449
finanzas@irsa.com.ar
http://www.irsa.com.ar
IRSA and APSA cordially invite you to participate in their Third
Quarter Fiscal Year 2006 Results Conference Call on Tuesday, May 23, 2006,
at 09:30 am EDT.
To participate, please call:
+1-877-412-8086 if you are in the U.S. or
+1-973-582-2842 for international calls
You can also access the slideshow Webcast by logging onto the web at:
http://www.videonewswire.com/event.asp?id=33966
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