BUENOS AIRES, Argentina, Nov. 11, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the first quarter of Fiscal Year 2012 Ended September 30, 2011
- During this period we have observed very good soil humidity conditions in most of the areas where the coarse crop planting process (including soybean, corn and sunflower) is set to begin. In addition, we have started planting activities in most of the areas allocated to wheat production.
- On September 21, we acquired under a private transaction an additional 5.1% equity interest in IRSA for a total amount of USD 30.1 million. In this way, we increased our interest in IRSA to 63.2%.
- Production from the Agribusiness segment grew thanks to the consolidation of our subsidiary BrasilAgro and the late harvesting of corn crops in our Argentine farms, combined with a higher Feed Lot beef cattle production.
- Operating income totaled ARS 191.7 million, a 4.4% increase as compared to the same quarter of the previous year.
- Net Income for the period amounted to ARS 1.0 million compared to ARS 51.9 million in the first quarter of 2011. This was caused mainly by higher financial charges, which totaled ARS 167.3 million compared to ARS 74.3 million in the same quarter of the previous fiscal year. The reason for this decrease was a loss from changes in exchange rates resulting from the depreciation of the exchange rate that affects our liabilities denominated in dollars, for ARS 49.0 million (vs. ARS 2.4 million in the first quarter of fiscal year 2011) and a loss from other financial assets for ARS 62.4 million (vs. ARS 18.2 million) mostly due to the revaluation at market values of certain assets held of by our subsidiary IRSA.
- On October 31, 2011, our General Shareholders' Meeting resolved to pay a cash dividend of ARS 63.8 million, equivalent to an amount of ARS 0.138 per share.
Financial Highlights (In thousands of Argentine Pesos) Three months Fiscal Year 2012 Ended September 30, 2011
As from July 1, 2011, Cresud presents its results in consolidated form with those of its subsidiary Brasilagro. Brasilagro's revenue and cost line items correspond to the three-month period between July 1, 2011 and September 30, 2011. Brasilagro's prior results are recorded under the item Gain from related companies. This fact affects the comparability of financial statements from one period to the other
Total Production Revenues
Total Sales Revenues
Total Real Estate Sales
Real Estate Results
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 63.2% 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 IQ Fiscal Year 2012 Results Conference Call on Thursday, November 17, 2011, at 10:00 p.m. Eastern Time
If you would like to participate, please call: United States: (888) 841-3494 International: +1-(706) 758-3350
To access the webcast, click on the link below:
SOURCE Cresud S.A.C.I.F. y A.