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Cresud S.A.C.I.F. y A. Announces Results for the First Three Months Fiscal Year 2011 Ended September 30, 2010

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

HIGHLIGHTS

  • 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.

Financial Highlights

(In thousands of Argentine Pesos)

First Three Months of Fiscal Year 2011

Ended September 30, 2010

Income Statement

09/30/2010

09/30/2009

Total Production Revenues

35,143

13,206

Production Income

(202)

(9,182)

Total Agribusiness Sales

161,676

62,631

Agribusiness Sales Income

59,254

5,897

Total Real Estate Sales

307,277

267,050

Real Estate Income

200,380

154,952

Gross Profit

259,432

151,667

Operating Profit

183,649

90,275

Net Income (loss)

51,850

61,827







Balance Sheet

09/30/2010

06/30/2010

 Current Assets

1,544,220

1,453,381

 Non Current Assets

5,591,572

5,384,507

Total Assets

7,135,792

6,837,888

 Current Liabilities

1,362,395

1,928,717

 Non Current Liabilities

2,085,005

1,315,970

Total Liabilities

3,447,400

3,244,687

 Minority Interest

1,644,254

1,625,088

Shareholders' Equity

2,044,138

1,968,193




About Cresud:

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

International:  +1-706-758-8485



To access the webcast, click on the link below:

http://www.videonewswire.com/event.asp?id=74450

Investor Relations Department

Cresud S.A.C.I.F. y A.

ir@cresud.com.ar



SOURCE Cresud S.A.C.I.F. y A.



RELATED LINKS
http://www.cresud.com.ar

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