BUENOS AIRES, Argentina, Sept. 8 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for Fiscal Year 2010 ended June 30, 2010.
Net income increased 48.8% to Ps.185.4 million.
Operating Income increased 172.5% to Ps. 587.0 million.
Operating Income from the Agribusiness Segment totaled Ps. 60.6 million, showing a strong recovery on a year-to-year basis.
The Argentine agribusiness segment recorded an increase in the number of tons produced per hectare, higher beef cattle prices and improved margins in the milk business.
We agreed to purchase the interest held in BrasilAgro by one of our Brazilian partners, aiming to increase our exposure in such market with a great potential for agricultural expansion.
We sold the Tali Sumaj farm in the Province of Catamarca, which resulted in a gain of Ps. 13.7 million during FY10 and the La Juanita farm in the Province of Buenos Aires for a price USD 18.0 million, recording a gain of Ps. 49.6 million that will be reflected in the next quarterly statements.
We put 5000 additional hectares into production in our farms located in Salta and Paraguay and we seek to increase their pace of development together with the transformation of the "La Esmeralda" farm in the Province of Santa Fe.
IRSA's real estate segments continue to be robust, recording consolidated Operating Income of Ps. 526.4 million, 90% higher than that of the previous year
IRSA aims to exercise an option granted for the purchase of Alto Palermo's stake held by Parque Arauco.
(In thousands of Argentine Pesos)
Fiscal Year 2010
Ended June 30, 2010
Cresud's consolidated financial statements for the period from July 1, 2009 to June 30, 2010 include IRSA's consolidated data, while Cresud's consolidated financial statements as of June 30, 2009, disclosed in the comparative tables, include IRSA's consolidated data for the period ranging from October 1, 2008 to June 30, 2009, thus affecting the comparability of the income statement.
Total Production Revenues
Total Sales Revenues
Total Real Estate Sales
Real Estate Results
Net Income (loss)
Non Current Assets
Non Current Liabilities
Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro-Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which is being rolled out regionally in Latin America, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.
Additionally, Cresud owns a 57% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.
A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar .
Cresud cordially invites you to participate in its Fiscal Year 2010 Results Conference Call on Tuesday, September 14, 2010, at 11:00 a.m. Eastern Time
If you would like to participate, please call:
To access the webcast, click on the link below:
SOURCE Cresud S.A.C.I.F. y A.