The following is a summary of the IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) Q2 2024 Earnings Call Transcript:
Financial Performance:
IRSA recorded strong results in the first half of fiscal year 2024 with tenant sales strong and hotel and premium office occupancies higher than the previous year.
Adjusted EBITDA and operating Income saw increases of 54% and 47%, respectively. The net result also increased from ARS48 billion to ARS146 billion.
Net debt was significantly reduced with lower Leverage to Value and Net Debt to EBITDA ratios.
The company was very active in real estate transactions including the sale of two floors of the Della Paolera building and the completion of a new trust which fetched profits well above the costs invested.
Business Progress:
The company undertook key real estate developments including the Barter agreement for land ownership transfer and further progress in the Costa Urbana project.
A significant investment was made to develop a luxury residential property by the Obelisk with hopes to turn the area into a tourist and youth attraction.
Improvements were witnessed in shopping mall and office portfolio occupancy rates reaching 98% and 93% respectively.
Expansion plans include initiation of new mixed-use projects and further refinancing of their fiscal year 24 debt via new bonds.
Despite the expected slowdown due to inflation, the company remains optimistic due to its quality portfolio and chances of quick recovery.
More details: IRSA Inversiones y Representaciones IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.