BUENOS AIRES, Argentina, Feb. 11, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the first six months of fiscal year 2011 ended December 31, 2010
Sales rose 22% to Ps. 956 million.
Operating results increased 28%, to Ps. 359 million.
Net income totaled Ps. 107 million, compared to Ps. 142 million in the same period of the previous fiscal year, mainly due to lower income from our interest in IRSA.
The positive trend in crop, beef cattle and milk prices continues.
Operating results from the agribusiness segments amounted to a profit of Ps. 65 million compared to a loss of Ps. 5 million in the first semester of the previous fiscal year.
This season's planted area will increase by 20% to 184,000 hectares, including 100% of planted areas by Brasilagro.
Cresud increased its holding in Brasilagro to 35.75%, thus augmenting its exposure to a regional portfolio of farms with high potential for development.
Cresud's agribusiness activities in the international sphere have shown improved results due to the good performance of summer crops in Bolivia.
Cresud distributed dividends for Ps. 69 million, which were paid in the month of January
(In thousands of Argentine Pesos)
First Six Months of Fiscal Year 2011
Ended December 31, 2010
Total Production Revenues
Total Agribusiness Sales
Agribusiness Sales Income
Total Real Estate Sales
Real Estate Income
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 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 Six Months Fiscal Year 2011 Results Conference Call on Friday, February 18, 2011, at 10:00 a.m. Eastern Time
If you would like to participate, please call:
United States: 800-314-6696
To access the webcast, click on the link below:
SOURCE Cresud S.A.C.I.F. y A.