Cresud S.A.C.I.F. y A. Announces Results for the nine-month period of Fiscal Year 2019 ended March 31, 2019

BUENOS AIRES, Argentina, May 13, 2019 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for the nine-month period of FY 2019 ended March 31, 2019.

HIGHLIGHTS

  • Net result for the 9-month period of fiscal year 2019 recorded a loss of ARS 9,794 million compared to a gain of ARS 10,468 million in the same period of FY 2018, mainly explained by higher financial losses due to Argentine peso depreciation and lower results from changes in the fair value of IRSA investment properties in Argentina Business Center.
  • Adjusted EBITDA for the 9-month period of fiscal year 2019 grew 25.9% compared to the same period of 2018, reaching ARS 15,775 million, of which ARS 2,468 million came from the agricultural business that recorded higher crop production results and farmland sales and ARS 13,307 million came from the urban property and investment segment (IRSA), whose rental segment in Argentina increased by 7.1% in the period.
  • Very good weather conditions in the region are expected for 2019 campaign. We planted 247,900 ha and expect to develop approximately 8,500 ha in the region.
  • In March 2019, we launched a new share repurchase plan for up to ARS 300 million. As of today, the company has repurchased 14.5% of the program.

 

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2019 ended March 31, 2019


Income Statement

03/31/2019

03/31/2018

Agricultural Business Revenue

7,809

6,843

Agricultural Business Gross Profit

2,173

1,822

Urban Properties Revenues

46,421

37,233

Urban Properties Gross Profit

19,524

16,910

Consolidated Gross Profit

21,697

18,732

Consolidated Profit from Operations

4,462

16,825

Profit / (Loss) For the Period

(9,794)

10,468




Attributable to:



Cresud's Shareholders

(6,795)

4,562

Non-Controlling interest

(2,999)

5,906




EPS (Basic)

(13,908)

9,137

EPS (Diluted)

(13,908)

9,094




Balance Sheet

03/31/2019

06/30/2018

Current Assets

154,561

145,871

Non-Current Assets

369,348

364,248

Total Assets

523,909

510,119

Current Liabilities

91,395

81,364

Non Current Liabilities

327,690

315,822

Total Liabilities

419,085

397,186

Non-Controlling Interest

77,365

78,858

Shareholders' Equity

104,824

112,933

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 62.00% 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 third quarter of the FY 2019 Results Conference Call on Tuesday, May 14, 2019, at 02:00 PM Eastern Time.

If you would like to participate, please call: 
United States: 1-844-686-3840
International: 1-412-317-6377
ID# CRESUD

To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=216b0300-2bcc-4311-8df4-44ee766c3795

Investor Relations Department.
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar 
www.cresud.com.ar 
Follow us on Twitter: @cresudir

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

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