3%, from Ps.

-- Occupancy at our office buildings continues to experience a material
recovery, reaching 92 % during the first six months of fiscal year 2006,

compared to 85% recorded in the same period of the previous fiscal year.

For further information, please contact:
Alejandro Elsztain -- Director
Gabriel Blasi -- CFO
+011-5411-4323-7449
finanzas@irsa.ar

IRSA and APSA cordially invite you to participate in their Second Quarter
Fiscal Year 2005 Results Conference Call on Tuesday, February 21, 2006,
at 09:30 a.

).

b) Pasistenkite, kad apra yme nesikartot puslapio pavadinimas.

jums trumpas

EBITDA for the six-month period ended December 31, 2005, amounted to
Ps. 314 in the previous period.7 million.

veiksmus reklamini

077, compared with a gain of Ps.2%, to
Ps.

-- Our tenants' sales increased by 35% in the six-month period ended
December 31, 2005, and occupancy at our shopping centers reached 99.net/playerlink.

rasite kategorijas

0.224 per
share (Ps.

a ) veskite paprast bet aik apraym (ne daugiau 25 odi).

teks ykite

IRSA Inversiones y Representaciones Sociedad Anonima Announces Second Quarter Fiscal Year 2006 Results

A longer version of this press release with detailed information is
available on the Web site: http://www.zhtml?c=82544+s=wm+e=1214947

tokius kelet

126.

2) Tuomet paspausti viruje esani nuorod: 'pasilyti adres'
3) Upildyti ir isisti pateikt puslapio registracijos form.

kategorijas teks

079 per share, while earnings per diluted share
totaled Ps.

Financial Highlights
(In thousands of Argentine Pesos)

12-31-05 12-31-04
Total sales 256,446 185,245
Gross income 143,380 104,872
Financial results, net -32,324 -9,744
Net Income - (Loss) 28,986 56,760
Net Income per GDS 0.

laisvalaikis jei

BUENOS AIRES, Argentina, IRSA
Inversiones y Representaciones Sociedad Anonima (NYSE: IRS) (BCBA: IRSA), the
leading real estate company in Argentina, announces its results for the first
six months of fiscal year 2006, ended December 31, 2005. 85.irsa.

d) Neraykite ki ar reklamini frazi ('Geriausias puslapis internete', ir t.

).

lyti jei

0.0 million, an increase of 32. In addition , we are making
progress in the Cruceros Dique 2, Torres Renoir, San Martin de Tours,
Emprendimiento El Encuentro and Laguna Azul projects.

-- APSA's operating income was 75.irsa.

t.

nuorod lyti

121 per diluted share) for the same period in the previous year. 185. 59.6 million. The company also develops
residential subdivisions and apartments (specializing in high-rises and loft-
style conversions) and owns three luxury hotels.

ykite katalogo

27.5 million, Hotels Ps.

Per kelet dien mes perir sime Js registuojam puslap ir, jeigu jie neprietarauja statymams :), mes j trauksime katalog.

katalogo puslapio

126.

kategorij jei

6 % as compared to 77% in the same period of the previous
year.

inynai katalogo

0.8 million, or Ps.0 million
and financial operations and others Ps.5% higher than in the same period of
the previous fiscal year.

-- Driven by the dynamism in the ABC1 segment, we are evaluating many
projects for development and operation.21


Total Current Assets 457,479 389,735

Non Current Assets 2,165,252 2,134,691

Total Assets 2,622,731 2,524,426
Short-Term debt 159,993 93,918

Total Current Liabilities 441,178 310,977
Long-term debt 327,617 389,755

Total Non Current
Liabilities 440,294 515,381

Total Liabilities 881,472 826,358
Minority interest 439,903 445,839

Shareholders' Equity 1,301,356 1,252,229

IRSA is Argentina's largest, most well-diversified real estate company ,
and it is the only company in the industry whose shares are listed on the
Bolsa de Comercio de Buenos Aires and The New York Stock Exchange.

PS.

t.

kategorij nuorod

56.

HIGHLIGHTS
-- Operating results grew 44.3 million to Ps.4%. Through its
subsidiaries, IRSA manages an expanding top portfolio of shopping centers and
office buildings, primarily in Buenos Aires.

PPS.

kategorij jei

29.5% as compared to the same period of the
previous fiscal year.77 1.com.

ia rasite nuorodas puslapius lietuvi kalba, suskirstyt patogias, vartotojui iekant reikiamos informacijos, kategorijas.

veiksmus nera

2 million recorded in the same period of the
previous year.4 million, Shopping Centers Ps.0 million, 32.24
Net Income per GDS diluted 0.

jums reklamini

Net income for six-month period ended December 31 , 2005, was
Ps.
Consolidated net sales for the six-month period totaled Ps. 13.


-- Revenues from the hotel segment posted a significant increase.3 million in this semester.

a) Puslapio pavadinimas turi bti trumpas ir aikus.

yme puslapius

EBITDA increased 45.

inynai vartotojui

EBITDA was Ps. Its solid, diversified
portfolio of properties has established the Company as the leader in the
sector in which it participates, making it the best vehicle to access the
Argentine real estate market.

b) Neraykite pavadinim visomis didiosiomis raidmis.

yme nuorod

0 million, or Ps.
The contribution of the various segments to net sales was as follows:
Sales and Developments Ps.ar .m. EST.

c) Neraykite visomis didiosiomis raidmis.

vartotojui veiksmus

4 million
as compared to Ps. 161. 73.ar
http://www.com.
To participate , please call:
United States: (888) 243-3996
International: (973) 935-2403

You can also access the Webcast by logging onto the Web at:
http://phx.

Nenaudokite HTML kod.

trumpas nera

256.7 million, Offices and Other Rental Properties
Ps. 53.com.

trumpas veiksmus

0. Rates also improved, with an average price per room of Ps. 357 in

this period as compared to Ps.

Jei norite papildyti nuorod katalog, jums teks atlikti tokius veiksmus:
1) Jau esaniame kataloge surasti Js svetain s tem atitinkani katalogo kategorij.

puslapius puslapio

0.9 million. The
accumulated average occupancy rate in our hotels increased notably,
reaching 79.8% higher than in the same period of the

previous year, reaching Ps. 105.80 2.corporate-ir.

c) Neraykite ki ar reklamini frazi ('Geriausias puslapis internete', ir t.

inynai reklamini

---

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