Cresud S.A.C.I.F. y A. Announces Results for the First Six Months of Fiscal Year 2010 Ended December 31, 2009
BUENOS AIRES, Argentina, Feb. 11 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Six Months of Fiscal Year 2010 Ended December 31, 2009.
-- Net income for the first six months of FY 2010 amounted to Ps. 141.8 million compared to the Ps. 12.3 million posted in the first half of the previous fiscal year.
-- Operating income for the six-month period amounted to Ps. 280.5 million, composed by a Ps. 285.6 million profit from the consolidation of IRSA's segments and a Ps. 5.1 million loss from Cresud's agribusiness segments. The agribusiness segments had posted a Ps. 17.8 million operating loss in the same period of the previous fiscal year.
-- Operating losses in agribusiness segments as of December 2009 are attributable to the seasonality patterns in the crop segment revenue recognition. Results should improve as summer crops, which were allocated most of the area under production, get harvested. Sowing presents a high degree of progress and the perspectives for crop evolution look good.
-- Cresud paid dividends for Ps. 60 million and allocated 0.053 treasury shares per share held among its shareholders. The treasury shares had been purchased during fiscal year 2008-2009 in the context of domestic and international markets' turbulence.
-- IRSA: The Consumer Finance Segment, 80% of which is to be sold to Banco Hipotecario, has experienced a recovery in results. The rental segments have shown a solid performance, with a recovery in the Shopping Centers' revenue growth rates as from the second quarter of the fiscal year, and an option to purchase Parque Arauco's 29.6% stake in Alto Palermo for US$ 126 million was agreed upon. Should this option be exercised, it will imply the consolidation of IRSA's position in the Argentine shopping center market.
Financial Highlights (In thousands of Argentine Pesos) First Six Months of Fiscal Year 2010 Ended December 31, 2009
Cresud's consolidated financial statements for the period from July 1, 2009 to December 31, 2009 (Second Quarter FY10) includes IRSA's consolidated data, while Cresud's consolidated financial statements as of December 31, 2008, disclosed in the comparative tables, include IRSA's consolidated data for the period ranging from October 1, 2008 to December 31, 2008, thus affecting the comparability of the income statement.
Income Statement 12/31/2009 12/31/2008 Total Production Revenues 42,392 31,039 Production Results (4,459) (10,202) Total Sales Revenues 119,324 109,539 Sales Results 11,676 20,944 Total Real Estate Sales 664,556 325,013 Real Estate Results 419,204 179,287 Gross Profit 426,421 190,029 Operating Profit 280,475 32,250 Net Income (loss) 141,845 12,296 Balance Sheet 12/31/2009 12/31/2008 Current Assets 1,151,572 1,110,114 Non Current Assets 5,216,642 4,349,390 Total Assets 6,368,214 5,459,504 Current Liabilities 1,479,883 1,043,581 Non Current Liabilities 1,415,748 1,456,623 Total Liabilities 2,895,631 2,500,204 Minority Interest 1,549,847 1,283,078 Shareholders' Equity 1,922,736 1,676,222
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 57.1% 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 Six Months of Fiscal Year 2010 Results Conference Call on Tuesday, February 23, 2010, 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: http://www.videonewswire.com/event.asp?id=66322 Investor Relations Department Cresud S.A.C.I.F. y A. firstname.lastname@example.org
SOURCE Cresud S.A.C.I.F. y A.
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