Cresud S.A.C.I.F. y A. Announces Results for Fiscal Year 2010 Ended June 30, 2010

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.

HIGHLIGHTS

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.

Financial Highlights

(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.


Income Statement

06/30/2010

06/30/2009

Total Production Revenues

217,721

172,512

Production Results

15,764

(37,931)

Total Sales Revenues

327,394

239,383

Sales Results

37,741

34,557

Total Real Estate Sales

1,337,240

1,015,280

Real Estate Results

834,716

579,357

Gross Profit

888,221

575,983

Operating Profit

586,970

215,403

Net Income (loss)

185,406

124,616







Balance Sheet

06/30/2010

06/30/2009

 Current Assets

1,453,381

1,157,655

 Non Current Assets

5,384,507

4,818,401

Total Assets

6,837,888

5,976,056

 Current Liabilities

1,928,717

1,313,912

 Non Current Liabilities

1,315,970

1,413,278

Total Liabilities

3,244,687

2,727,190

 Minority Interest

1,625,008

1,435,982

Shareholders' Equity

1,968,193

1,812,884




About Cresud:

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:


United States:

800-314-6696

International:

+1-706-758-8485

To access the webcast, click on the link below:


http://www.videonewswire.com/event.asp?id=72257




SOURCE Cresud S.A.C.I.F. y A.



RELATED LINKS
http://www.cresud.com.ar

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