The Company announces today its results for the second quarter of Fiscal Year 2022.
- In December 2021, the Shareholders’ Meetings of IRSA and IRSA PC approved the merger by absorption between the companies, in which IRSA absorbs IRSA PC. The merger has an effective date of July 1, 2021, and the exchange of IRSA PC shares for IRSA shares will take place in the coming months.
- The net result for the first half of fiscal year 2022 was ARS 25,520 million compared to a ARS 1,758 million loss in the previous fiscal year. This is mainly explained by the gain recorded for changes in the fair value of investment properties.
- Rental segment showed a recovery in the main indicators of shopping malls and hotels, while the office segment showed a slight decrease in the average rent and occupancy. The rental adjusted EBITDA reached ARS 5,489 million during the first semester of 2022 (ARS 4,298 million in shopping malls, ARS 834 million in offices and ARS 357 million in hotels), 31.5% lower than in the same period of 2020, not affected by the pandemic.
- During the semester we sold 4 floors of “261 Della Paolera” building with a surface area of 4,797 sqm for an approximate amount of USD 41.2 million.
- In December 2021, the Legislature of the Autonomous City of Buenos Aires approved by law the regulations for the development of the "Costa Urbana" project on the 70-hectare property owned by IRSA since 1997. The Company will have a construction capacity of approximately 895,000 m², which will drive growth for the coming years through the development of mixed-use projects.