BUENOS AIRES, Argentina, Feb. 11, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. , today announces results for the first six months of fiscal year 2011 ended December 31, 2010
HIGHLIGHTS 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
Financial Highlights (In thousands of Argentine Pesos) First Six Months of Fiscal Year 2011 Ended December 31, 2010 Income Statement 12/31/2010 12/31/2009 Total Production Revenues 89,852 42,392 Production Income 14,185 (4,459) Total Agribusiness Sales 257,874 119,324 Agribusiness Sales Income 70,746 11,676 Total Real Estate Sales 697,997 664,556 Real Estate Income 420,373 419,204 Gross Profit 505,934 426,421 Operating Profit 359,445 280,475 Net Income 106,971 141,845 Balance Sheet 12/31/2010 06/30/2010 Current Assets 1,545,652 1,453,381 Non Current Assets 6,299,143 5,384,507 Total Assets 7,844,795 6,837,888 Current Liabilities 2,198,842 1,928,717 Non Current Liabilities 2,190,179 1,315,970 Total Liabilities 4,389,021 3,244,687 Minority Interest 1,413,009 1,625,088 Shareholders' Equity 2,042,765 1,968,193 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 57.49% 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 International: +1-706-758-8485 To access the webcast, click on the link below: http://www.videonewswire.com/event.asp?id=76845
Cresud S.A.C.I.F. y A.
CONTACT: Cresud S.A.C.I.F. y A. Investor Relations Department,
+011-54-11-4814-7800, ir@cresud.com.ar
Web Site: http://www.cresud.com.ar/
http://www.videonewswire.com/event.asp?id=76845
