The Company announces today its results for the third quarter of the Fiscal Year 2021.
- The net result for nine-month period of fiscal year 2021 recorded a loss of ARS 14,712 million compared to a ARS 5,975 million loss in the same period of 2020.
- The result from continuing operations recorded a loss of ARS 6,670 million mainly due to negative results from changes in the fair value of the investment properties. The result of discontinued operations recorded a loss of ARS 8,042 million because of the deconsolidation of the investment in Israel since September 30, 2020.
- Adjusted EBITDA reached ARS 11,604 million in the nine-month period of fiscal year 2021, increasing 57.8% compared to the same period of 2020, mainly explained by the Sales and Developments segment, due to the sales made by IRSA Commercial Properties. Adjusted EBITDA of the rental segments was reduced by 62,5% in the period, reaching ARS 3,116 million.
- Regarding the rental portfolio, tenants’ sales in shopping malls grew 0.4% in real terms in the third quarter of fiscal year 2021 compared to 2020. Excluding the second fortnight of March, which had the shopping centers partially or totally closed in 2020, the variation reverts to a drop of 20.5%. Occupancy in shopping centers reached 89.5%, while A + and A offices reached 81.2%. The hotels have been operating since December 2020 with low occupancy levels.
- Subsequently, the national government ordered, among other restrictive measures related to the COVID-19 pandemic, the closure of shopping malls in the Buenos Aires Metropolitan Area from April 16 to May 21 inclusive. Therefore, to date, 44% of the portfolio remains operational.
- In financial matters, during the quarter we issued Notes in the local market, through Series X, XI and XII, for a total amount of USD 65.5 million and, as a subsequent event, we made a capital increase of 80 million shares for the sum of USD 28.8 million.