BUENOS AIRES, Argentina, Nov. 11 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Quarter Fiscal Year 2010 Ended September 30, 2009
- Net income for the first quarter of fiscal year 2010 amounted to Ps. 61.8 million, compared to a loss of Ps. 37.4 million in the first quarter of the previous fiscal year, mainly attributable to the operating income of IRSA's real estate business, which amounted to Ps. 110.0 million, and income from IRSA's related companies (Banco Hipotecario S.A.)
- Operating results for the quarter showed a Ps. 90.3 million profit, composed of operating income of Ps. 110.0 million derived from the consolidation of IRSA's segments and a Ps. 19.7 million loss from Cresud's agribusiness segments for the first quarter of fiscal year 2010, compared to the Ps. 8.0 million operating loss posted by Cresud in the same period of the previous fiscal year. The increase in operating losses from the agribusiness segments is explained mainly by lower yields caused by adverse weather conditions recorded in the previous season that impacted production levels and sales at the beginning of the new fiscal year.
- We have allocated 111,459 hectares to agriculture, a figure similar to that of the previous year. We have increased our own areas and those under long-term concessions devoted to agriculture by more than 70%, and have reduced hectares under short-term leases by 35%. For the 2009/10 season, better rainfall levels are expected, which should lead to improved soil humidity conditions and higher crop yields.
- Development of land reserves: During the July-September 2009 period, the number of hectares under beef cattle production in our Los Pozos farm increased to 50,000, and the number of hectares allocated to agriculture in the same farm increased to almost 7,000. We continue to develop Agropecuaria Anta S.A., which has reached almost 10,000 hectares of own land under agricultural production.
- Subsequent to the closing of the quarter, we increased our interest in BrasilAgro to 22.89%. BrasilAgro plans to increase its production area by 44% this fiscal year to more than 48,000 hectares, and over 31,000 hectares have already been planted with summer crops.
- IRSA's Segments: During the first quarter of this fiscal year, the trend in losses in the Consumer Finance segment was reverted, recording Ps. 5.8 million of operating income. IRSA's rental segments (Shopping Centers and Offices and Other) showed a solid performance despite the more adverse market conditions experienced in the past year.
- In September, Cresud issued Notes for an amount equivalent to Ps. 50 million to finance working capital and short-term liabilities. A series in pesos for a 270-day tenor and another series in Dollars for a one-year tenor were issued, at very competitive rates, showing Cresud's capacity and franchise to access the capital markets when conditions are feasible.
- Subsequent to the closing of the first quarter of fiscal year 2010, the Ordinary and Extraordinary General Shareholders' Meeting held on October 29, 2009 approved the distribution of cash dividends for Ps. 60.0 million.
Financial Highlights (In thousands of Argentine Pesos) First Quarter Fiscal Year 2010 Ended September 30, 2009
Cresud's consolidated financial statements for the period from July 1, 2009 to September 30, 2009 (First Quarter FY10) includes IRSA's consolidated data, while Cresud's consolidated financial statements as of September 30, 2008, disclosed in the comparative tables, do not include IRSA's consolidated data, thus affecting the comparability of the income statement.
Income Statement 09/30/2009 09/30/2008 Total Production Revenues 13,206 14,518 Production Results (9,182) (2,115) Total Sales Revenues 62,631 74,670 Sales Results 5,897 12,549 Total Real Estate Sales 267,050 -- Real Estate Results 154,952 -- Gross Profit 151,667 10,434 Operating Profit 90,275 (8,032) Net Income (loss) 61,827 (37,399) Balance Sheet 09/30/2009 09/30/2008 Current Assets 1,070,435 544,873 Non Current Assets 4,998,855 1,383,173 Total Assets 6,069,290 1,928,046 Current Liabilities 1,253,580 187,438 Non Current Liabilities 1,423,797 44,803 Total Liabilities 2,677,377 232,241 Minority Interest 1,491,629 1,211 Shareholders' Equity 1,900,284 1,694,594
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 it seeks to roll out abroad, 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 57.1% 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 Quarter Fiscal Year 2010 Results Conference Call on Wednesday, November 18, 2009, at 11:00 a.m. Eastern Time
If you would like to participate, please call: U
SOURCE Cresud S.A.C.I.F. y A.
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