BUENOS AIRES, Argentina, Nov. 11, 2010 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Three Months of Fiscal Year 2011 Ended September 30, 2010
- Sales increased by 42% to Ps. 468.9 million.
- Operating Income rose 103%, by Ps. 93.4 million, to Ps. 183.6 million.
- Crop, beef cattle and milk prices have increased, favorably impacting on the margins of our agribusiness segments.
- The sale of "La Juanita" farm for USD 18 million resulted in a gain of Ps. 49.4 million.
- Net income was Ps. 51.9 million compared to the Ps. 61.8 million posted in the same period of the previous year, mainly due to lower income from our investment in IRSA.
- The planted area for this season will increase by 24%, reaching 189,000 hectares, including 100% of Brasilagro's portfolio.
- After the end of the quarter, Cresud increased its holdings in Brasilagro to 35.75%, thus expanding its exposure to a regional farm portfolio with high development potential.
- In addition, during the month of October, IRSA consummated the purchase of Parque Arauco's equity interest in APSA, increasing its interest to 94.9%, thus strengthening its presence in the shopping center segment.
(In thousands of Argentine Pesos)
First Three Months of Fiscal Year 2011
Ended September 30, 2010
Total Production Revenues
Total Agribusiness Sales
Agribusiness Sales Income
Total Real Estate Sales
Real Estate Income
Net Income (loss)
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 Three Months of Fiscal Year 2011 Results Conference Call on Tuesday, November 16, 2010, at 10:00 a.m. Eastern Time
If you would like to participate, please call:
United States: 800-314-6696
To access the webcast, click on the link below:
Investor Relations Department
Cresud S.A.C.I.F. y A.
SOURCE Cresud S.A.C.I.F. y A.