Cresud S.A.C.I.F. y A. Announces Results for the Six-month period of FY 2017 ended December 31, 2016
BUENOS AIRES, Argentina, Feb. 13, 2017 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the six-month period of FY 2017 ended December 31, 2016.
HIGHLIGHTS
- Net income for the six-month period of FY17 registered a gain of ARS 3,820 million compared to a loss of ARS 1,292 million in the same period of 2016 mainly explained by results of Israel Business Center from our subsidiary IRSA due to ADAMA sale and the increase in Clal share price, valued at market value.
- The current campaign presents with good climate conditions in the region. We expect to plant approximately 194,000 ha and develop 13,326 ha in the region.
- There were no farmland sales during IIQ17.
- Our urban properties and investments business observed good operating results. EBITDA of the rental segments increased by 28.6% in the semester compared to the same period of 2016.
- As a subsequent event, our subsidiary Brasilagro acquired a farm of 17,566 ha of crop activity in the state of Maranhão for R$ 100 million.
| Financial Highlights |
||
| Income Statement |
12/31/2016 |
12/31/2015 |
| Agricultural Business Revenue |
1,969 |
1,294 |
| Agricultural Business Gross Profit |
209 |
375 |
| Urban Properties Revenues |
36,106 |
1,586 |
| Urban Properties Gross Profit |
10,910 |
1,203 |
| Consolidated Gross Profit |
11,119 |
1,578 |
| Consolidated Profit from Operations |
2,045 |
2,077 |
| Profit / (Loss) For the Period |
3,820 |
(1,292) |
| Attributable to: |
||
| Cresud's Shareholders |
919 |
(771) |
| Non-Controlling interest |
2,901 |
(521) |
| EPS (Basic) |
1.85 |
(1.56) |
| EPS (Diluted) |
1.84 |
(1.56) |
| Balance Sheet |
12/31/2016 |
06/30/2016 |
| Current Assets |
61,485 |
45,218 |
| Non Current Assets |
113,068 |
120,789 |
| Total Assets |
174,553 |
166,007 |
| Current Liabilities |
43,728 |
45,599 |
| Non Current Liabilities |
109,503 |
105,170 |
| Total Liabilities |
153,231 |
150,769 |
| Non-Controlling Interest |
19,043 |
14,214 |
| Shareholders' Equity |
21,322 |
15,238 |
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 63.38% 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, 30% 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 six-month period of FY 2017 Results Conference Call on Monday, February 13, 2017, at 3:00 PM Eastern Time
If you would like to participate, please call:
United States: (877) 317-6776
International: +1-(412) 317-6776
ID# CRESUD
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=0b6uqnmAC3T%2BCeR60uszBA%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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