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| Statement |
|---|
| I believe we have during the first semester excellent numbers, excellent performance |
| We are finishing the first half of our fiscal year 2024 with very good results on the operational and financial |
| So we hope that with the normalization of the economy, the companies are in very good shape in Argentina |
| Also, the hotels remained with a very strong and high occupancy |
| We can see good results in our malls, increasing by 15% |
| So we are very confident on our situation and while we expect to have, although weak consumption levels in the coming months, very good numbers on our financial situation |
| So we have a positive result during this quarter |
| This shows really good performance of our tenant sales in malls that surpassed inflation as of the first half of the year |
| I'm very enthusiastic with this project |
| So the company is -- the shape of our financial condition is best ever |
| When we see occupancy, occupancy has increased to levels of almost 93% at the second quarter and trends at stable levels, the devaluation has a positive impact on offices |
| During the first half, the tenant sales were very good and occupancy was higher than the year before |
| The rent per room average is in levels of $240 per room and good performance both in Buenos Aires Hotels and in Llao Llao |
| Tourism is strong, remains strong for both domestic and international |
| And the third rental segment hotels, that is also linked to our hedge to devaluation, it's doing very, very well |
| It's very nice to be there |
| But finally, we saw a great opportunity to sell floors, a lot of demand |
| If we see the net interest, we are posting better numbers and lower loss from ARS13.8 billion to ARS7.5 billion |
| As I said before, it's very comfortable to be there because of all the subways and a lot of people of the rest of the country need to work in Buenos Aires, so we are really very happy with the project |
| Here, we can see that we kept selling some floors, as Matias mentioned, we sold the two -- the entire building in the Suipacha building and two floors of the Della Paolera at very good prices |
| So that has a positive result of ARS57 billion |
| IRSA is very well prepared to face this new stage of Argentina |
| It's a great development |
| Our premium offices, we also improved occupancy |
| Sales grew 8% in real terms in the second quarter, compared to the same quarter of 2023 |
| Also, the inflation adjustment has a positive effect of ARS32 billion |
| And we believe this is going to be a very great project for youngsters who are willing to be in Buenos Aires for short terms during the year |
| The income tax, here we have -- last year was a positive number because remember that we recognize it -- a loss in the fair value of the investment property |
| Well, this is going to be a very important project in Buenos Aires and we are very proud to announce this development |
| Nueve de Julio, I mean, in that part of the city is like talking about Times Square is like in New York, you're close to everything, to the theaters, you're close to subways, buses, you have great, great infrastructure |
| Statement |
|---|
| So we expect slowdown in sales and in visitors in the next quarter |
| We believe that probably during the second half will be more challenging because of the new measures of the administration trying to normalize the economy, there will be a slowdown in consumption |
| So consumption probably will suffer during the next months, and we will see that in our malls |
| 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 |
| So the problem is the sovereign ceiling on the cost of Argentine debt |
| You can see in the table below, the net FX result, we generated a loss this semester of ARS94 billion |
| That means that, that can trigger prices of real estate up, during the last two years, we saw some decline in prices because of that |
| I believe that in the short term, it's not going to influence very much as Argentina may recover I suppose, the whole real estate is going to recover in Buenos Aires |
| And if you see in the bottom right of the slide, you can see the real FX -- MEP FX evolution that during the first quarter, we have a jump of 21% and now a decrease of 18% |
| There was -- sorry, that was ARS67.4 billion, that since we announced the distribution in October, there was a new regulation in Argentina that delayed our process of payment to our GDS holders |
| We believe that, well, Argentina was a little disconnected to the world in the past three years |
| So it's not a positive evolution |
| The hotels increasing by 33.7% and a decrease in the offices by 37% |
| And here, we have the first major impact on the semester that is the change in the fair value of our investment properties, going from a negative result of ARS92 billion last year to ARS137.8 billion this year |
| In terms of the EBITDA margin, we remain stable in the malls, the office is a slight decrease because of the lower stock and hotels increasing from 35% to 38% |
| This is related to the devaluation |
| If the next quarter, the crawling peg of the FX remain at this pace of 2% and inflation at levels of double digits, that means that in the next quarter, we will lose money in pesos term, not in dollars as there is no major changes |
| So if we see in real terms, devaluation in the first quarter was almost zero |
| For a number of reasons, this never happened, and this building was on sale |
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