The Company announces today its results for the first quarter of Fiscal Year 2025
The net result for the first quarter of Fiscal Year 2025 showed a loss of ARS 109,135 million, compared to a profit of ARS 250,538 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 involve cash movements.
Real tenant sales in Shopping Centers recovered slightly compared to previous quarters, although they fell 12.1% compared to the first quarter of Fiscal Year 2024. The adjusted EBITDA for the segment reached ARS 41,116 million, in line with the same quarter of the previous year. The average occupancy of the premium office portfolio rose to 97.9% during the quarter, mainly due to the improved occupancy of the Dot Building. The Hotels segment saw a decline in both revenue and occupancy in the first quarter of Fiscal Year 2025 compared to 2024, due to a less favorable exchange rate competitiveness situation in Argentina. During the quarter, we acquired a property adjacent to the Alto Avellaneda shopping center for future expansion for USD 12.2 million, and after the closing, we sold an additional floor of the Della Paolera 261 building for USD 7.1 million. On October 28, 2024, the Shareholders’ Meeting approved the distribution of a cash dividend of ARS 90,000 million (dividend yield 8%) and treasury stock representing approximately 3.6% of the share capital.
