Cresud S.A.C.I.F. y A. Announces Results for the First Nine Months Fiscal Year 2009 Ended March 31, 2009
-- Effective as of
-- For the first nine-month period of fiscal 2009, Cresud posted a Ps. 4.7 million net income, in contrast to the Ps. 27.6 million net income for the same period of the previous fiscal year. This is mainly due to the financial effects of the global crisis and the impact of the adverse weather conditions affecting some productive areas.
-- Operating income of Ps. 108.9 million is composed of Ps. 137.2 million income derived from IRSA's consolidated segments and Ps. 28.3 million loss from Cresud's agribusiness segments, compared to Ps. 33.8 million income in Cresud's operating activities in the first nine months of fiscal year 2008. The reasons for this are the drop in agribusiness yields caused by adverse weather conditions, the drop in the price of commodities (which have lately started to show signs of recovery) and the absence of results from land sales (as compared to Ps. 20.7 million posted in the same period of the previous fiscal year).
-- Production: We have increased the number of hectares allocated to
agriculture by 87%, to over 111,000 hectares. As of
-- BrasilAgro subsidiary: Cresud increased its stake in Brasilagro to an
18.11% interest. BrasilAgro reported
-- Farms in
-- Cresud's share repurchase plan: As of the date of this earnings release, the Company's investment in own shares is 5.5% of its capital.
-- Regarding the operations of our subsidiary IRSA, there has been a
reduction in the operating losses of the consumer finance segment when
compared to those reported in the two first quarters of this fiscal year. The
remaining segments continue to show good cash generation. IRSA has completed
the construction of a new office building, which has agreed to lease to a top-
notch tenant. Finally, IRSA is hours away from opening, through a subsidiary,
the largest Shopping Center in the
Financial Highlights (In thousands of Argentine Pesos) First Nine Months Fiscal Year 2009 Ended March 31, 2009
Cresud's consolidated income statement for the period from
Income Statement 03/31/2009 03/31/2008 Total Production Revenues 62,986 70,264 Production Results (15,117) 22,126 Total Sales Revenues 133,293 109,191 Sales Results 24,626 18,566 Total Real Estate Sales 617,763 - Real Estate Results 356,454 - Gross Profit 365,963 40,692 Operating Profit 108,917 33,777 Net Income (loss) 4,671 27,626 Balance Sheet 03/31/2009 03/31/2008 Current Assets 1,003,003 918,634 Non Current Assets 4,522,443 1,146,824 Total Assets 5,525,446 2,065,458 Current Liabilities 1,078,212 272,020 Non Current Liabilities 1,488,160 45,536 Total Liabilities 2,566,372 317,556 Minority Interest 1,290,582 1,238 Shareholders' Equity 1,668,492 1,746,664
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 it seeks to roll out abroad, 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 54.0% stake in IRSA Inversiones y
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 First Nine Months
Fiscal Year 2009 Results Conference Call on
If you would like to participate, please call: United States: 877-860-4996 International: +1-404-665-9583
To access the webcast, click on the link below: http://www.videonewswire.com/event.asp?id=59023
SOURCE Cresud S.A.C.I.F. y A.