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Press release from PR Newswire

Cresud S.A.C.I.F. y A. Announces Results for the First Three Months Fiscal Year 2011 Ended September 30, 2010

Thursday, November 11, 2010

Cresud S.A.C.I.F. y A. Announces Results for the First Three Months Fiscal Year 2011 Ended September 30, 201019:43 EST Thursday, November 11, 2010BUENOS AIRES, Argentina, Nov. 11, 2010 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Three Months of Fiscal Year 2011 Ended September 30, 2010HIGHLIGHTS Sales increased by 42% to Ps. 468.9 million.Operating Income rose 103%, by Ps. 93.4 million, to Ps. 183.6 million.Crop, beef cattle and milk prices have increased, favorably impacting on the margins of our agribusiness segments.The sale of "La Juanita" farm for USD 18 million resulted in a gain of Ps. 49.4 million.Net income was Ps. 51.9 million compared to the Ps. 61.8 million posted in the same period of the previous year, mainly due to lower income from our investment in IRSA.The planted area for this season will increase by 24%, reaching 189,000 hectares, including 100% of Brasilagro's portfolio.After the end of the quarter, Cresud increased its holdings in Brasilagro to 35.75%, thus expanding its exposure to a regional farm portfolio with high development potential.In addition, during the month of October, IRSA consummated the purchase of Parque Arauco's equity interest in APSA, increasing its interest to 94.9%, thus strengthening its presence in the shopping center segment.Financial Highlights(In thousands of Argentine Pesos)First Three Months of Fiscal Year 2011Ended September 30, 2010Income Statement09/30/201009/30/2009Total Production Revenues35,14313,206Production Income(202)(9,182)Total Agribusiness Sales161,67662,631Agribusiness Sales Income59,2545,897Total Real Estate Sales307,277267,050Real Estate Income200,380154,952Gross Profit259,432151,667Operating Profit183,64990,275Net Income (loss)51,85061,827Balance Sheet09/30/201006/30/2010  Current Assets1,544,2201,453,381  Non Current Assets5,591,5725,384,507Total Assets7,135,7926,837,888  Current Liabilities1,362,3951,928,717  Non Current Liabilities2,085,0051,315,970Total Liabilities3,447,4003,244,687  Minority Interest1,644,2541,625,088Shareholders' Equity2,044,1381,968,193About 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: Cresud cordially invites you to participate in its First Three Months of Fiscal Year 2011 Results Conference Call on Tuesday, November 16, 2010, at 10:00 a.m. Eastern TimeIf you would like to participate, please call: United States:  800-314-6696International:  +1-706-758-8485To access the webcast, click on the link below: Relations DepartmentCresud S.A.C.I.F. y SOURCE Cresud S.A.C.I.F. y A.For further information: Gabriel Blasi - CFO, +011-5411-4323-7449