BUENOS AIRES, Argentina, May 12, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Nine Months of Fiscal Year 2011 Ended March 31, 2011.
Sales and operating income increased 23%, to Ps. 1,383 million and Ps. 513 million, respectively.
Net income was Ps. 142 million compared to Ps. 185 million in the same period of the previous fiscal year, mainly due to larger financial expenses resulting from the issuance of debt securities by our subsidiary IRSA and lower income from equity investees.
Operating income from the agribusiness segment amounted to Ps. 110 million compared to Ps. 33 million for the first nine months of the previous fiscal year.
The improvement in the prices of crops, beef cattle and milk has been reflected in the positive development of these segments' gross margins and livestock holding results. Harvesting is at an advanced stage, and prospects for the end of the current season are very good.
Cresud's agricultural performance in the international sphere has shown improved results thanks to the good performance of its farms in Bolivia.
By the end of April, Cresud completed payment of the consideration whereby it increased its interest in BrasilAgro to 35.75%.
Financial Highlights (In thousands of Argentine Pesos) First Nine Months of Fiscal Year 2011 Ended March 31, 2011
Total Production Revenues
Total Agribusiness Sales
Agribusiness Sales Income
Total Real Estate Sales
Real Estate Income
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 57.49% 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 2011 Results Conference Call on Tuesday, May 17, 2011, at 12:00 p.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:
SOURCE Cresud S.A.C.I.F. y A.