Classified in: BusinessSubjects: ERN
Cresud S.A.C.I.F. y A. Announces Results for the three-month period of Fiscal Year 2020 ended September 30, 2019
BUENOS AIRES, Argentina, Nov. 11, 2019 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for the three-month period of FY 2020 ended September 30, 2019.
- Net result for the first quarter of fiscal year 2020 recorded a gain of ARS 6,942 million compared to a gain of ARS 5,377 million in the same quarter of fiscal year 2019 mainly explained by the result from the loss of control and deconsolidation of the company Gav- Yam in the Israel business center through IRSA.
- Net result attributable to the controlling shareholder registered a loss of ARS 2,335 million compared to a gain of ARS 919 million in the first quarter of 2019.
- Adjusted EBITDA for the period reached ARS 6,811 million, of which ARS 1,273 million come from the agricultural business due to higher productive results of sugarcane and cattle activity offset by lower results from farmland sales and ARS 5,538 million come from the urban properties and investments business (IRSA).
- A 2020 campaign with good weather conditions is projected in the region in which we expect to plant approximately 268,000 ha.
- Regarding farmland sales, our subsidiary Brasilagro has completed a partial sale of 1,134 hectares of its Jatobá farm (Jaborandi - Bahía) for an amount of BRL 22.7 million.
- On October 30, our Shareholders' Meeting has approved a distribution among its shareholders of 13,000,000 treasury shares, representing 2.6% of the share capital.
(In millions of Argentine Pesos)
3M FY 2020 ended September 30, 2019
Agricultural Business Revenue
Agricultural Business Gross Profit
Urban Properties Revenues
Urban Properties Gross Profit
Consolidated Gross Profit
Consolidated Profit from Operations
Profit / (Loss) For the Period
Non Current Liabilities
Cresud is a leading Argentinean agricultural company with a growing presence in Latin American countries. Cresud's business model 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. The company is also involved in farming activity, through crops and cattle production in the region.
Additionally, Cresud owns a 62.34% 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. Also owns 3 premium hotels in Argentina, a huge landbank for future developments, 29,91% of Banco Hipotecario and some international investments, including 100.0% indirect stake in IDB Development Corporation and 82.31% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.
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 of the FY 2020 Results Conference Call on Tuesday, November 12, 2019, at 10:00 AM Eastern Time / 12:00 PM BA Time.
If you would like to participate, please call:
United States: 1-844-686-3840
To access the webcast, click on the link below:
Investor Relations Department.
Cresud S.A.C.I.F. y A.
Follow us on Twitter: @cresudir
SOURCE Cresud S.A.C.I.F. y A.
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