The Company announces today its results for the third quarter of Fiscal Year 2020.
- Net result for the nine-month period of fiscal year 2020 registered a loss of ARS 1,671 million compared to a loss of ARS 6,634 million in the same period of 2019. This lower loss is explained by higher results due to changes in the fair value of the investment properties offset by a greater loss in net financial results.
- The Company's adjusted EBITDA for the nine-month period of fiscal year 2020 reached ARS 5,152 million, decreasing by 3.1% in real terms compared to the same period in 2019. Adjusted EBITDA for Shopping Malls segment decreased by 16, 6%, while Adjusted EBITDA for the office segment increased by 11.9%.
- On March 20, as a consequence of the social, preventive and compulsory lockdown due to the COVID-19 pandemic, the shopping malls throughout the country were closed, working exclusively those stores dedicated to essential activities such as pharmacies, supermarkets and banks.The impact will be reflected mainly in the Financial Statements of the 4th quarter of FY 2020 as it only affected 10 days of operations this quarter.
- Shopping Malls´ tenant sales fell by 3.7% in real terms in the nine-month period of 2020 compared to the same period in 2019. In the third quarter, tenant sales decreased by 11.9% mainly due to the impact of the last 10 days of March without operations. Portfolio occupancy remains at 95% levels.
- Regarding the Office segment, although most of our tenants have been working at home since mandatory quarantine was decreed, they are operating under strict safety and hygiene protocols.