IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2024 Earnings Call Transcript
IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2024 Earnings Call Transcript November 7, 2023
Santiago Donato: Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter of Fiscal Year 2024 Results Conference Call. First of all, I would like to remind you that both audio and slide show can be accessed through the 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: Thank you, Santi. Good morning, everybody. So we are starting our fiscal year 2024 with very good results. Our shopping malls keep surpassing inflation and occupancy keep improving. Regarding our hotels, we have a very strong EBITDA during the quarter and very good occupancy. Offices also has a slight recovery in occupancy. Also, our real estate activity was very strong during the quarter, with the disposals of three floors of the 200 Della Paolera building, the Suipacha building, the first office building of IRSA and Quality that was the owner of a plot of land in the San Martin in the province of Buenos Aires. During the quarter -- after the quarter in October, our shareholders' meeting approved a dividend payment that represented around 12% of yield.
That dividend was paid in Argentina in the last days, and there is still pending, the distribution to our GDS holders that we will see later. So I introduce Santiago Donato, our IRO, to follow the presentation.
Santiago Donato: Thank you. Well, here, we can see the evolution of the quarter of the shopping malls. Here, we can see portfolio occupancy increased to levels of 98%. Remember that during the pandemic, we have some vacant surfaces of big tenants like Falabella, Garbarino and Walmart, mainly because they left Argentina. Well, it took us some time to recover that, but we are now in our historical highest levels of occupancy that has been very, very stable ever at levels of 97%, 98%. So we are very glad about that. In terms of sales, we keep -- we kept growing in real terms. We are 10% up in the quarter compared to the same quarter of last year and 34% above the pre-pandemic levels of 2020. This is explained mainly by the April segment, the ticket of April and more visitors in our malls.
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