IRSA(US:IRS) Prnewswireยท2024-11-06 20:09Core Insights - The company reported a net loss of ARS 109,135 million for the first quarter of fiscal year 2025, a significant decline from a profit of ARS 250,538 million in the same period last year, primarily due to losses from changes in the fair value of investment properties [2][3]. Financial Performance - Revenues decreased to ARS 89,873 million from ARS 94,939 million year-over-year [3]. - Consolidated gross profit fell to ARS 57,415 million compared to ARS 64,045 million in the previous year [3]. - The net result from changes in the fair value of investment properties was a loss of ARS 225,499 million, contrasting with a gain of ARS 316,084 million in the same quarter of the previous year [3]. - The consolidated profit/loss from operations was a loss of ARS 187,584 million, down from a profit of ARS 375,142 million [3]. - Earnings per share (EPS) were reported at ARS -145.92, compared to ARS 323.89 in the same quarter last year [3]. Segment Performance - Real tenant sales in shopping centers showed a slight recovery but were down 12.1% compared to the first quarter of fiscal year 2024 [2]. - The adjusted EBITDA for the shopping center segment was ARS 41,116 million, consistent with the same quarter of the previous year [2]. - The average occupancy rate of the premium office portfolio increased to 97.9%, mainly due to improved occupancy at Dot Building [2]. - The hotels segment experienced reduced income and occupancy levels due to lower exchange competitiveness in Argentina [2]. Strategic Developments - The company acquired a property adjacent to the Alto Avellaneda shopping center for future expansion at a cost of USD 12.2 million and sold an additional floor of the Della Paolera 261 building for USD 7.1 million [2]. - A cash dividend of ARS 90,000 million was approved by the shareholders' meeting, representing a dividend yield of 8% and approximately 3.6% of the stock capital [2]. Balance Sheet Overview - As of September 30, 2024, total assets were ARS 2,286,495 million, down from ARS 2,513,712 million [3]. - Current assets increased slightly to ARS 257,290 million from ARS 255,350 million [3]. - Total liabilities decreased to ARS 1,120,978 million from ARS 1,221,471 million [3]. - Shareholders' equity was reported at ARS 1,165,517 million, down from ARS 1,292,241 million [3]. - The company's market capitalization was approximately USD 850 million as of September 30, 2024 [3].