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Investing in Argentina and Argentina Stocks

Discusses *smart* ways of investing in Argentina, primarily thru ADRs on NYSE and NASDAQ. Covers companies like Grupo Galicia, GGAL, Banco Frances, BFR, IRSA(the biggest Real Estate Company in Argentina) IRS, Tenaris (TS), etc. UPDATED SEVERAL TIMES A MONTH.

Monday, September 11, 2006

IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS) declares Yearly Results

IRSA, the largest real estate operator in Argentina, declared it's results for their fiscal year ending June 2006.

Operating earnings and EBITA grew 44%. Sales jumped 56% to ARP 500M, which translates to about $150M in US dollars.

The company did NOT give the quarterly results-their earnings releases are done in a amateurish fashion with lots of errors and typos in general. Typical of Argentina unprofessionalism, when I contacted them about some clarifications regarding last quarter's results (see previous posts) I did not hear back from them.

The Argentines need to get their act together and start functioning at least at the higher level like the rest of the world. As a shareholder of IRSA stock it is a disappointing to see Investor relations being not able to put a straight earnings release together. It is possible that the quarter did not go as well as it shouldve, but there is no need to hide that or sugarcoat the release with stuff like "Fitch recommends our stock" as they have done in this release.

Full release here.


Sanjay John G.

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