IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q2 2024 Earnings Call Transcript
IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q2 2024 Earnings Call Transcript February 6, 2024
IRSA Inversiones y Representaciones Sociedad Anónima isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Santiago Donato: Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the second quarter of Fiscal Year 2024 Results Conference Call. First of all, I would like to remind you that both audio and a slideshow may be accessed through company's Investor Relations website at www.irsa.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question, please use the chat. Before we begin, I would like to remind you that this call is being recorded and the information discussed today may include forward-looking statements regarding the company's financial and operating performance.
All projections are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Matias Gaivironsky, CFO.
Matias Gaivironsky: Good morning, everybody. We are finishing the first half of our fiscal year 2024 with very good results on the operational and financial. We will see the numbers later. During the first half, the tenant sales were very good and occupancy was higher than the year before. Also, the hotels remained with a very strong and high occupancy. Our premium offices, we also improved occupancy. Also during the first half, we have a very active on real estate transactions, selling two floors of Della Paolera building, and we did a new barter agreement on one plot of land that, of course, we will explain later. And also, we finished the setup of a new trust for a very important building in downtown Buenos Aires. Also, we finished with our dividend distribution, but that was some delay to -- for the payment of our -- to GDS holders because of the regulation, now we finish with everything and we already distributed that.
So now, Santiago will answer in more details about our operational performance.
Santiago Donato: Thank you, Matias. Well here, we see that the shopping malls figures. Well, occupancy have increased to levels of 98%. This is maximum historical levels after all the impact of the pandemic, we finally reached our maximum levels. This is the same than previous quarter and the first quarter of 2023. Sales grew 8% in real terms in the second quarter, compared to the same quarter of 2023. And we are about 30% when we compare to pre-pandemic levels. This shows really good performance of our tenant sales in malls that surpassed inflation as of the first half of the year. The second half, the one that we are going to present in the future is going to be a challenge to keep these levels of sales, given the acceleration of inflation due to the first measures of the new government after December and its impact on real wages and consumption.
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