Cresud S.A.C.I.F. y A. Announces Results for the first quarter of FY 2018 ended September 30, 2017
BUENOS AIRES, Argentina, Nov. 13, 2017 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the IQ FY 2018 ended September 30, 2017.
HIGHLIGHTS
- Net result for IQ18 registered a gain of ARS 28 million compared to a gain of ARS 278 million in IQ17 (Attributable to the controlling shareholder ARS 221 million in IQ18 vs. ARS 23 million in IQ17) mainly explained by the results of our subsidiary IRSA, that showed higher results coming from its Argentinean business center compensated by a non-cash loss in Israel business center due to a debt exchange at Discount Corporation Ltd.
- The 2018 campaign has begun with good climate conditions in the region.
- During IQ18, we have sold "La Esmeralda" farm in Argentina for USD 19 million. Gain will be recognized in our Financial Statements of IVQ18 together with the sign of the deed.
- Our urban properties and investments business observed good operating. EBITDA of the rental segments in Argentina increased by 26.1% in the compared year.
- In October 31, 2017, our Annual Shareholders' meeting has approved the distribution of a cash dividend for the sum of ARS 395 million (ARS/share 0.7874 and ARS/ADR 7.8741) that will be made available for shareholders on November 14, 2017.
| Financial Highlights |
||
| (In millions of Argentine Pesos) |
||
| IQFY 2018 |
||
| Ended September 30, 2017 |
||
| Income Statement |
09/30/2017 |
09/30/2016 (adjusted) |
| Agricultural Business Revenue |
1,499 |
1,120 |
| Agricultural Business Gross Profit |
406 |
95 |
| Urban Properties Revenues |
19,813 |
17,456 |
| Urban Properties Gross Profit |
6,500 |
5,475 |
| Consolidated Gross Profit |
6,891 |
5.557 |
| Consolidated Profit from Operations |
5,527 |
2,791 |
| Profit / (Loss) For the Period |
28 |
278 |
| Attributable to: |
||
| Cresud's Shareholders |
221 |
23 |
| Non-Controlling interest |
(193) |
255 |
| EPS (Basic) |
0.44 |
0.04 |
| EPS (Diluted) |
0.44 |
0.04 |
| Balance Sheet |
09/30/2017 |
09/30/2016 (adjusted) |
| Current Assets |
75,276 |
68,360 |
| Non Current Assets |
175,034 |
173,086 |
| Total Assets |
250,310 |
241,446 |
| Current Liabilities |
50,263 |
51,191 |
| Non Current Liabilities |
151,006 |
141,082 |
| Total Liabilities |
201,269 |
192,273 |
| Non-Controlling Interest |
32,441 |
32,768 |
| Shareholders' Equity |
49,041 |
49,173 |
About Cresud:
Cresud is a leading Argentinean 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 63.76% 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. Also owns 3 premium hotels in Argentina, a huge landbank for future developments, 29,91% of Banco Hipotecario and some international opportunistic investments, including a 68.3% stake in the largest holding in Israel, IDB Development Corporation.
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 IQ FY 2018 Results Conference Call on Tuesday, November 14, 2017, at 09:00 AM Eastern Time
If you would like to participate, please call:
United States: (844) 308-3411
International: +1 (412) 717-9604
ID# CRESUD
To access the webcast, click on the link below:
http://webcast.engage-x.com/Cover.aspx?PlatformId=0donxM4K9U7ID%2Fx86Ix1hA%3D%3D
Investor Relations Department
Cresud S.A.C.I.F. y A.
+5411-4323-7449
[email protected]
www.cresud.com.ar
Follow us on Twitter: @cresudir
SOURCE Cresud S.A.C.I.F. y A.
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