Cresud S.A.C.I.F. y A. Announces Results for the Nine-month period 2014 ended March 31, 2014 - WLOX.com - The News for South Mississippi

Cresud S.A.C.I.F. y A. Announces Results for the Nine-month period 2014 ended March 31, 2014

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

BUENOS AIRES, Argentina, May 12, 2014 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the Nine-month period 2014 ended March 31, 2014.

HIGHLIGHTS

  • Net income attributable to the company's shareholders recorded a loss of Ps. 494.2 million in the nine-month period of 2014 compared to 2013, mainly explained by exchange rate differences.
  • Gross profit increased by 49,7% in the nine-month period 2014 compared to 2013, explained by better agricultural results due to an increase in the fair value of biological assets and the increase of 34,9% in the urban segment.
  • During the quarter we experienced better revenues from the Grain Segment, mainly explained by higher prices compared to the same period of 2013 and higher soybean sales.
  • We estimate good results for 2013/2014 campaign as weather conditions have been favorable during the year. We expect to plant 213,000 hectares and to transform approximately 21,000 hectares in the region.
  • As a subsequent event, our Shareholders´ Meeting approved a Share Repurchase Plan of up to ARS 200 million or 5% of the shares outstanding.




Financial Highlights

(In millions of Argentine Pesos)

Nine-month period 2014

Ended March 31, 2014





Income Statement

03/31/2014

03/31/2013

Agricultural Business Revenue

1,141.5

750.9

Agricultural Business Gross Profit

354.2

163.4

Urban Properties Revenues

2,085.3

1,706.2

Urban Properties Gross Profit

1,106.8

820.3

Consolidated Gross Profit

1,444.1

964.5

Consolidated Profit from Operations

930.7

753.2

Profit / (Loss) For the Period

-524.6

263.2




Attributable to:



Cresud's Shareholders

-494.2

84.5

Non-Controlling interest

-33.3

178.7




EPS (Basic)

-0.68

0.17

EPS (Diluted)

-0.68

0.15




Balance Sheet

03/31/2014

 06/30/2013

Current Assets

3,257.5

3,288.2

Non Current Assets

11,998.8

9,122.5

Total Assets

15,256.3

12,410.7

Current Liabilities

3,132.1

2,664.9

Non Current Liabilities

7,266.9

5,026.8

Total Liabilities

10,399.0

7,691.7

Non-Controlling Interest

2,516.5

2,231.1

Shareholders' Equity

4,857.3

2,488.0

About Cresud:

Cresud is a leading South American agricultural company with a growing presence in Latin American countries. Cresud is currently involved in a range of activities including crop production, cattle rising 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 65.45% 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 nine-month period 2014 Results Conference Call on Wednesday, May 14, 2014, at 12:00 PM EST

If you would like to participate, please call:
United States:  (888)-841-3494
Argentina:  0-800-666-0273
International:  +1-706-758-3350
ID# 35278215

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=2417

Investor Relations Department
Cresud S.A.C.I.F. y A.
ir@cresud.com.ar 
+54-11-4323-7449

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