The Company today announced its results for the third quarter of Fiscal 2024.
Net income for the nine-month period of fiscal 2024 recorded a loss of ARS 111,728 million compared to a gain of ARS 123,217 million in the same period of the previous year, mainly explained by the impact of the exposure to inflation on the fair value of investment properties. Adjusted EBITDA of the rental segments reached ARS 112,911 million in the nine months of fiscal year 2024, 9.1% higher than in the same period of the previous year, ARS 86,475 million from the Shopping Centers segment, ARS 8,776 million from the office segment and ARS 17,660 million from the Hotels segment. Total adjusted EBITDA reached ARS 128,826 million, an increase of 6.3% compared to the same period of the previous year. Real tenant sales in Shopping Malls fell 18.5% in the third quarter of fiscal year 2024 as a result of the acceleration of inflation and the drop in consumer spending. For the nine-month period of the fiscal year, sales grew 0.9% compared to the same period of 2023. We maintained high occupancy rates in all three rental segments: 97.9% in shopping centers, 92.8% in our premium offices, and 68.7% in our hotel portfolio. During the quarter and subsequently, we repurchased approximately 1.7% of our own shares and in May 2024, we approved a new cash dividend of ARS 55,000 million (ARS/share 76.1457 and ARS/GDS 761.4575), which will be distributed as of May 9, 2024.
