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The Argentine real estate company IRSA (NYSE: IRS) reported a net loss of AR$70.3 million (US$21 million) for the quarter ended September 30, 2008. While total revenues increased by 11.3%, selling and administrative expenses were up 38.6%. IRSA is mainly engaged in development, sales and leasing of commercial property. The company's leasable area totalled 260.866 square metres on October 30, 2008, of which the occupancy rate was 94.10%. Residential apartments for sale totalled an area of 206.329 square metres.

The company's net cash at the end of the period was reported at AR$230 million (US$95.8 million), a decrease of 40.6%, from AR$389 million in 3Q '07.

The weak development in liquidity resulted from a negative cash flow from operating activities of AR$(-50.6 million), and another AR$(-139.5 million) from investing activities.

IRSA's balance sheet reveals a debt/equity-ratio of 1.15, a short-term-debt/equity ratio of 0.40.

The current share price reflects a YTD negative performance of (-75.3%).

IRSA's shares are traded on Buenos Aires [IRSA], and its ADRs on NYSE.

The company's latest interim statements can be found in our download section.

Source: IRSA's Weak Liquidity - Revenues Up, But So Are Expenses