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10 NOV

Earnings Release IQ 2022

The Company announces today its results for the first quarter of Fiscal Year 2022.

- 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 2,152 million during the quarter (ARS 1,506 million in shopping malls, ARS 567 million in offices and ARS 79 million in hotels), 36.5% lower than the observed in the same period of 2020, not affected by the closure of operations.


- The net result for the first quarter of fiscal year 2022 recorded a loss of ARS 1,014 million compared to a gain of ARS 22,468 million in the same quarter of the previous fiscal year, mainly explained by negative results due to changes in the fair value of investment properties.


- During the quarter, the Company's Board of Directors approved a corporate reorganization process consisting of the merger by absorption between the company and IRSA CP, in which IRSA would be the absorbing company. The process is subject to the approval of the Shareholders' Meeting that will be carried out in the coming months.


- As a subsequent event, our subsidiary IRSA CP sold 3 floors of “261 Della Paolera” building with a surface area of 3,582 sqm for an approximate amount of USD 32 million.