IRSA Propiedades Comerciales S.A announces Results for the FY 2019 Ended June 30, 2019.

BUENOS AIRES, Argentina: IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the FY 2019 ended June 30, 2019.

HIGHLIGHTS

Net result for FY 2019 registered a loss of ARS 18,138 million compared to a gain of ARS 14,237 million in FY18. This is mainly explained by the loss registered from changes in fair value of investment properties during this period.

The Company's Adjusted EBITDA for FY19 reached ARS 5,266 million, decreasing in real terms by 12.9% compared to FY18. Adjusted EBITDA for Shopping Malls decreased by 15.3% while Adjusted EBITDA for Office segment increased by 96.7%.

Our same Shopping Malls Sales grew by 28.6% in nominal terms (-13.0% in real terms) in FY 2019 compared to FY2018 and the portfolio's occupancy rate reached 94.7%.

In May 2019, we opened with full occupancy the "Zetta" office building in the "Polo Dot" commercial complex located in the North Area of Buenos Aires City.

Financial Highlights

(In millions of Argentine Pesos)

FY 2019

Ended June 30, 2019

Income Statement

06/30/2019

06/30/2018

Revenues from sales, leases and services

7,575.0

7,823.3

Consolidated Gross Profit

6,752.7

7,073.7

Consolidated Profit from Operations

(20,733.2)

15,401.6

Profit / (Loss) For the Period

(18,137.7)

14,237.4

Attributable to:

IRSA CP's Shareholders

(18,032.5)

13,730.6

Non-Controlling interest

(105.2)

506.8

EPS (Basic)

(143,10)

108,96

EPS (Diluted)

(143.10)

108,96

Balance Sheet

06/30/2019

06/30/2018

Current Assets

17,185.8

16,589.1

Non-Current Assets

63,813.0

89,617.8

Total Assets

80,998.8

106,206.9

Current Liabilities

4,055.8

4,069.7

Non-Current Liabilities

36,330.1

42,685.6

Total Liabilities

40,385.9

46,755.3

Non-Controlling Interest

2,177.7

2,244.4

Shareholders' Equity

40,612.9

59,451.6

IRSA Propiedades...