The Company announces today its results for the second quarter of Fiscal Year 2025.
The net result for the first half of fiscal year 2025 recorded a loss of ARS 40,971 million compared to a profit of ARS 319,226 million in the same period of the previous year, mainly due to the loss registered from changes in the fair value of investment properties. This is an accounting effect that does not involve cash movements.
Tenant sales in Shopping Centers continue to recover on a quarterly basis. They grew by 21.4% compared to the previous quarter but decreased by 8.5% compared to the same period in fiscal year 2024. The adjusted EBITDA of the segment reached ARS 94,539 million in the semester, just 2% below the amount recorded during the same period of the previous year.
During the quarter, we acquired the shopping center ‘Terrazas de Mayo,’ located in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires, for an amount of USD 27.75 million. The shopping center has a leasable area of 33,700 m² and 86 stores.
During the second quarter, we achieved full occupancy of our premium office portfolio and sold an additional floor of the Della Paolera 261 building for USD 7.1 million.
The Hotels segment recorded lower revenues and occupancy in the first half of fiscal year 2025 compared to 2024, in the context of a stronger Argentine peso relative to the US dollar.
Subsequent to the close of the quarter, we signed sale agreements for two plots of the Ramblas del Plata project with an estimated sellable area of 40,000 m² to a local developer for the sum of USD 23.4 million.
