Cresud S.A.C.I.F. y A. Announces Results for the First Quarter 2015 Ended September 2014
BUENOS AIRES, Argentina, Nov. 11, 2014 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the First Quarter 2015 ended September 30, 2014.
HIGHLIGHTS
- The net income for the first quarter of 2015 was a gain of ARS 21.7 million, compared to a loss of ARS 89.0 million in the same period of 2014.
- Operating income increased by 268.9% in the quarter mainly due to higher revenues coming from the agricultural and urban segment, a higher recognition of the fair value of the biological assets of grains and sugar cane and the sale of 183 Madison building in New York made by our subsidiary IRSA.
- During this quarter we sold a urban developed farm in Lujan for a total amount of ARS 210 million. Additionally, our subsidiary Brasilagro has sold a fraction of 24.624 hectares of a farm in Paraguay for a total amount of USD 13.4 million.
- We expect to plant approximately 207,000 hectares and transform 11,870 hectares in the region predicting normal weather conditions for the crop season.
Financial Highlights |
||
Income Statement |
09/30/2014 |
09/30/2013 |
Agricultural Business Revenue |
770.9 |
517.1 |
Agricultural Business Gross Profit |
100.9 |
32.4 |
Urban Properties Revenues |
799.6 |
639.5 |
Urban Properties Gross Profit |
438.4 |
331.0 |
Consolidated Gross Profit |
531.8 |
358.5 |
Consolidated Profit from Operations |
596.3 |
161.6 |
Profit/(Loss) For the Period |
21.7 |
-89.0 |
Attributable to: |
||
Cresud's Shareholders |
-122.0 |
-97.8 |
Non-Controlling interest |
143.7 |
8.8 |
EPS (Basic) |
-0.25 |
-0.20 |
EPS (Diluted) |
-0.25 |
-0.20 |
Balance Sheet |
09/30/2014 |
06/30/2014 |
Current Assets |
4,124.7 |
4,987.7 |
Non Current Assets |
11,021.7 |
10,796.0 |
Total Assets |
15,146.4 |
15,783.7 |
Current Liabilities |
3,806.7 |
4,800.4 |
Non Current Liabilities |
6,921.4 |
6,548.5 |
Total Liabilities |
10,728.0 |
11,348.9 |
Non-Controlling Interest |
2,594.0 |
2,488.9 |
Shareholders' Equity |
4,418.4 |
4,434.8 |
About Cresud:
Cresud is a leading South American agricultural company with a growing presence in Latin American countries. Cresud is currently involved in a range of activities including crop production, cattle rising 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 64.87% 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 Quarter 2015 Results Conference Call on Wednesday, November 12, 2014, at 2:00 PM Eastern Time
If you would like to participate, please call:
United States: (888) 841-3494
Argentina: 0-800-666-0273
International: +1-706-758-3350
ID# 21902039
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=1DpmUwDo8f0O%2F7zjqhPnEg%3D%3D
Investor Relations Department
Cresud S.A.C.I.F. y A.
+54-11-4323-7449
[email protected]
SOURCE Cresud S.A.C.I.F. y A.
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