Cresud S.A.C.I.F. y A. Announces Results for the First Nine Months Fiscal Year 2009 Ended March 31, 2009

BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY; BASE: CRES), today announced results for the First Nine Months Fiscal Year 2009 ended March 31, 2009

HIGHLIGHTS

-- Effective as of October 1, 2008, Cresud presents its results in consolidated form with those of IRSA Inversiones y Representaciones S.A., in which we held an equity interest of 54.01% as of March 31, 2009. IRSA's revenue and cost lines in the consolidated income statement account only for the activity recorded during the six-month period from October 1, 2008 to March 31, 2009. IRSA's results originated before that period are reflected in Results from Interests in Related Companies.

-- 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 March 31, 2009, we had harvested 100% of the wheat and sunflower, 20% of the corn, and 4% of the soybean crops.

-- BrasilAgro subsidiary: Cresud increased its stake in Brasilagro to an 18.11% interest. BrasilAgro reported R$ 10.8 million in revenues from sales of crops and a net result 2.5 times higher than the one reported for the first 9 months of the previous fiscal year.

-- Farms in Bolivia and Paraguay: Subsequent to the end of the quarter, 80% of the corn and 95% of the soybean crops have been already harvested over approximately 10,500 hectares in Bolivia.

-- 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 City of Buenos Aires.

    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 July 1, 2008 to March 31, 2009 (nine months) includes the results of IRSA Inversiones y Representaciones Sociedad Anonima from October 1, to March 31, 2009 (six months). Cresud's consolidated financial statements as of March 31, 2008, disclosed in the comparative tables, do not include IRSA's consolidated data, thus affecting the comparability of the income statement.

   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

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 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 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 First Nine Months Fiscal Year 2009 Results Conference Call on Friday, May 15, 2009, at 2:00 pm Eastern Time.

    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.