Cresud S.A.C.I.F. y A. Announces Results for the First Quarter 2017 ended September 30, 2016
BUENOS AIRES, Argentina, Nov. 11, 2016 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the First Quarter of FY 2017 ended September 30, 2016.
HIGHLIGHTS
- Operating Income for IQ17 reached ARS 1,133 million while the net result registered a loss of ARS 873 million (ARS 485 million to Cresud' shareholders) mainly explained by higher financial losses due to the consolidation of IDB Development Corporation and exchange rate differences.
- The current campaign presents with good climate conditions in the region as well as sustained commodity prices
- We have sold a farm in Argentina during the quarter for $ 6 million.
- We expect to plant approximately 196,000 ha and develop 12,924 ha in the region during this campaign.
- Our urban properties and investments business showed good operating results. EBITDA from the rental segment grew by 25% in the IQ17 compared to the same period of FY16.
| Financial Highlights |
||
| (In millions of Argentine Pesos) |
||
| First Quarter of FY 2017 |
||
| Ended September 30, 2016 |
||
| Income Statement |
09/30/2016 |
09/30/2015 |
| Agricultural Business Revenue |
1,120.0 |
681.0 |
| Agricultural Business Gross Profit |
95.0 |
96.0 |
| Urban Properties Revenues |
18,356.0 |
721.0 |
| Urban Properties Gross Profit |
5,433.0 |
541.0 |
| Consolidated Gross Profit |
5,528.0 |
637.0 |
| Consolidated Profit from Operations |
1,140.0 |
687.0 |
| Profit / (Loss) For the Period |
(873.0) |
(356.0) |
| Attributable to: |
||
| Cresud's Shareholders |
(485.0) |
(288.0) |
| Non-Controlling interest |
(388.0) |
(68.0) |
| EPS (Basic) |
(0.59) |
|
| EPS (Diluted) |
(0.59) |
|
| Balance Sheet |
09/30/2016 |
06/30/2016 |
| Current Assets |
61,341 |
45,207 |
| Non Current Assets |
109,125 |
120,799 |
| Total Assets |
170,466 |
166,006 |
| Current Liabilities |
52,193 |
45,599 |
| Non Current Liabilities |
102,687 |
105,169 |
| Total Liabilities |
154,880 |
150,768 |
| Non-Controlling Interest |
14,889 |
14,214 |
| Shareholders' Equity |
15,586 |
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 First Quarter of FY 2017 Results Conference Call on Monday, November 14, 2016, at 1:00 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=Yg6UbqaVnmu51Gpu6s94NA%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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