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12 FEB

Earnings Release IIQ FY 2021

The Company announces today its results for the second quarter of the Fiscal Year 2021.

- The net result for the first half of fiscal year 2021 recorded a loss of ARS 1,164 million compared to a gain of ARS 6,611 million in the same period of 2020.


- The result from continuing operations recorded a gain of ARS 5,956 million mainly due to higher results from changes in the fair value of the investment properties. The result of discontinued operations recorded a loss of ARS 7,120 million as a result of the deconsolidation of the investment in Israel since September 30, 2020.


- Adjusted EBITDA reached ARS 8,055 million in the first quarter of fiscal year 2021, increasing 76.9% compared to the first quarter 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 74,5% in the period, reaching ARS 1,341 million.


- Regarding the rental portfolio, the shopping malls showed a recovery in their sales in the quarter given the reopening in October, we incorporated the 261 Della Paolera building into the office portfolio, becoming the new headquarters of the Company and in December, the 3 hotels returned to their operations under strict protocols


- In November 2020, we completed an exchange offer of the Series I Notes for a nominal value of USD 181.5 million with an acceptance of 98.3% and distributed a dividend in kind with shares of IRSA Propiedades Comerciales for the sum of ARS 484 million.