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Press release from PR Newswire

Cresud S.A.C.I.F. y A. Announces Results for the First Six Months Fiscal Year 2011 Ended December 31, 2010

Friday, February 11, 2011

Cresud S.A.C.I.F. y A. Announces Results for the First Six Months Fiscal Year 2011 Ended December 31, 201021:22 EST Friday, February 11, 2011BUENOS 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, 2010HIGHLIGHTS 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 JanuaryFinancial Highlights    (In thousands of Argentine Pesos)    First Six Months of Fiscal Year 2011    Ended December 31, 2010 Income Statement12/31/201012/31/2009Total Production Revenues89,85242,392Production Income14,185(4,459)Total Agribusiness Sales257,874119,324Agribusiness Sales Income70,74611,676Total Real Estate Sales697,997664,556Real Estate Income420,373419,204Gross Profit505,934426,421Operating Profit359,445280,475Net Income 106,971141,845Balance Sheet12/31/201006/30/2010  Current Assets1,545,6521,453,381  Non Current Assets6,299,1435,384,507Total Assets7,844,7956,837,888  Current Liabilities2,198,8421,928,717  Non Current Liabilities2,190,1791,315,970Total Liabilities4,389,0213,244,687  Minority Interest1,413,0091,625,088Shareholders' Equity2,042,7651,968,193About 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: 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 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:http://www.videonewswire.com/event.asp?id=76845SOURCE Cresud S.A.C.I.F. y A.For further information: Cresud S.A.C.I.F. y A. Investor Relations Department, +011-54-11-4814-7800, ir@cresud.com.ar