The Company today announced its results for the second quarter of fiscal 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.
– Net income for the first half of fiscal 2022 was ARS 25,520 million compared to a loss of ARS 1,758 million in the previous year. This is mainly explained by the gain recorded for changes in the fair value of investment properties.
– At the operating level, the rental segment showed a recovery in the main indicators of shopping centers and hotels, while the office segment showed a slight decline in its average rent and occupancy. Adjusted EBITDA from rent reached ARS 5,489 million during the first half of fiscal 2022 (ARS 4,298 million from shopping centers, ARS 834 million from offices and ARS 357 million from hotels), 31.5% lower than in the same period of 2020, unaffected by the pandemic.
– During the first half of the year we sold 4 floors of the “261 Della Paolera” building with a surface area of 4,797 m2 for approximately 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 in the 70 hectares property owned by IRSA since 1997. The Company will have a construction capacity of approximately 895,000 m², which will drive growth in the coming years through the development of mixed-use projects.
