IRSA Inversiones y Representaciones S.A. Announces Results for the third quarter of FY 2018 Ended March 31, 2018

BUENOS AIRES, Argentina, May 10, 2018 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina announces today its results for the third quarter of FY 2018 ended March 31, 2018.

HIGHLIGHTS

• Adjusted EBITDA for the nine-month period of FY 2018 was ARS 10,116 million (ARS 2,140 million from Argentina Business Center and ARS 7,976 million from Israel Business Center), increasing by 35.0% compared to the same period of 2017 (14% of increase in Argentina Business Center and 44% in Israel Business Center).
• Net result for the nine months' period of FY18 registered a gain of ARS 11,290 million compared to a gain of ARS 6,506 million in the same period of fiscal year 2017, mainly explained by a higher result due to a change in the fair value of investment properties due to the impact of the tax reform implemented in Argentina and for the effects of the exchange rate on them, offset by the loss recorded in our center of operations in Israel as a result of the partial debt swap made by Discount Corporation Ltd. ("DIC").
• Tenant Sales in our malls grew by 24% during the nine-month period of FY2018 while the average rent of the office portfolio reached USD/sqm 26.9. Adjusted EBITDA of the rental segment increased by 19.1% in the compared period.
• We reached 98.6% occupancy in our shopping malls, 91.1% occupancy in our offices and 71.9% in our hotels' portfolio.
• In Israel Business Center, we have sold during the quarter and subsequently, an additional 10% of Clal Insurance through two swap transactions. The stake of IDBD in Clal reduced to 34.8% of its stock capital.

Financial Highlights
(In millions of Argentine Pesos)
IIIQ18 ended March 31, 2018

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments and owns three luxury hotels Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 100.0% indirect stake in IDB Development Corporation and 76.6% indirect stake in Discount Corporation Ltd., leading conglomerates in Israel.

A longer version of this press release with detailed information is available on the web site: http://www.irsa.com.ar.

IRSA cordially invites you to participate in its IIIQ 2018 Results Conference Call on Friday, May 11, 2018, at 10:00 AM Eastern Time

If you would like to participate, please call:
United States:  (844) 308-3343
International:  +1-(412) 717-9602
ID# IRSA

To access the webcast, click on the link below: http://webcastlite.mziq.com/cover.html?webcastId=84f9ca09-47a6-4eff-8228-fc2fa902e032

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar 
www.irsa.com.ar 
Follow us on Twitter @irsair

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SOURCE IRSA Inversiones y Representaciones S.A.