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

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.

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.

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

SOURCE Cresud S.A.C.I.F y A.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED