Cresud S.A.C.I.F. y A. Announces Results for the First Nine Months of Fiscal Year 2010 Ended March 31, 2010

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May 12, 2010, 06:55 ET

BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Nine Months of Fiscal Year 2010 Ended March 31, 2010.

HIGHLIGHTS

Net income amounted to Ps. 184.7 million, compared to Ps. 4.7 million in the same period of the previous year.
Operating income for the nine-month period of this fiscal year was Ps. 416.6 million, composed of a Ps. 384.0 million income from IRSA's segments and a Ps. 32.6 million income from Cresud's agribusiness segments, which had recorded a loss of Ps. 28.3 million in the previous fiscal year.
Rises in the prices of beef cattle and improved weather conditions for agricultural production have underpinned the increase in our agribusiness operating income during this fiscal year.
We continue our expansion plan in Brazil, as reflected by our agreement to purchase Tarpon's equity interest in BrasilAgro.
IRSA: Its real estate business segments have shown a sound year-on-year performance.

Financial Highlights
(In thousands of Argentine Pesos)
First Nine Months of Fiscal Year 2010
Ended March 31, 2010

Cresud's consolidated financial statements for the period from July 1, 2009 to March 31, 2010 (Third Quarter FY10) includes IRSA's consolidated data, while Cresud's consolidated financial statements as of March 31, 2009, disclosed in the comparative tables, include IRSA's consolidated data for the period ranging from October 1, 2008 to March 31, 2009, thus affecting the comparability of the income statement.


Income Statement	03/31/2010	03/31/2009
Total Production Revenues	80,337	62,986
Production Results	1,536	(15,117)
Total Sales Revenues	159,411	133,293
Sales Results	14,831	24,626
Total Real Estate Sales	964,143	617,763
Real Estate Results	605,163	356,454
Gross Profit	621,530	365,963
Operating Profit	416,609	108,917
Net Income (loss)	184,657	4,671


Balance Sheet	03/31/2010	03/31/2009
Current Assets	1,323,626	1,003,003
Non Current Assets	5,356,687	4,522,443
Total Assets	6,680,313	5,525,446
Current Liabilities	1,751,452	1,078,212
Non Current Liabilities	1,386,374	1,488,160
Total Liabilities	3,137,826	2,566,372
Minority Interest	1,577,679	1,290,582
Shareholders' Equity	1,964,808	1,668,492

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 57.38% 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. 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 Nine Months of Fiscal Year 2010 Results Conference Call on Friday, May 14, 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=69320

Investor Relations Department
Cresud S.A.C.I.F. y A.
[email protected]