(MENAFNEditorial) itemprop="contentLocation" itemscope itemtype="http://schema.org/Place">BUENOS AIRES, Argentina, Feb. 13, 2017 /PRNewswire/ --Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the six-month period of FY 2017 ended December 31, 2016.
HIGHLIGHTS
Net income for the six-month period of FY17 registered a gain of ARS 3,820 million compared to a loss of ARS 1,292 million in the same period of 2016 mainly explained by results of Israel Business Center from our subsidiary IRSA due to ADAMA sale and the increase in Clal share price, valued at market value. The current campaign presents with good climate conditions in the region. We expect to plant approximately 194,000 ha and develop 13,326 ha in the region. There were no farmland sales during IIQ17. Our urban properties and investments business observed good operating results. EBITDA of the rental segments increased by 28.6% in the semester compared to the same period of 2016. As a subsequent event, our subsidiary Brasilagro acquired a farm of 17,566 ha of crop activity in the state of Maranhão for R$ 100 million.
Financial Highlights(In millions of Argentine Pesos)Six-month period of FY 2017Ended December 31, 2016
Income Statement
12/31/2016
12/31/2015
Agricultural Business Revenue
1,969
1,294
Agricultural Business Gross Profit
209
375
Urban Properties Revenues
36,106
1,586
Urban Properties Gross Profit
10,910
1,203
Consolidated Gross Profit
11,119
1,578
Consolidated Profit from Operations
2,045
2,077
Profit / (Loss) For the Period
3,820
(1,292)
Attributable to:
Cresud's Shareholders
919
(771)
Non-Controlling interest
2,901
(521)
EPS (Basic)
1.85
(1.56)
EPS (Diluted)
1.84
(1.56)
Balance Sheet
12/31/2016
06/30/2016
Current Assets
61,485
45,218
Non Current Assets
113,068
120,789
Total Assets
174,553
166,007
Current Liabilities
43,728
45,599
Non Current Liabilities
109,503
105,170
Total Liabilities
153,231
150,769
Non-Controlling Interest
19,043
14,214
Shareholders' Equity
21,322
15,238
About Cresud:
Cresud is a leading Argentinean 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 63.38% 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, 30% of Banco Hipotecario and some international opportunistic investments, including a 68.3% stake in the largest holding in Israel, IDB Development Corporation.
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 six-month period of FY 2017 Results Conference Call on Monday, February 13, 2017, at 3:00 PM Eastern Time
If you would like to participate, please call: United States: (877) 317-6776International: +1-(412) 317-6776ID# CRESUD
To access the webcast, click on the link below:http://webcast.neo1.net/Cover.aspx?PlatformId=0b6uqnmAC3T%2BCeR60uszBA%3D%3D
Investor Relations DepartmentCresud S.A.C.I.F. y A.+5411 4323-7449 www.cresud.com.ar Follow us on Twitter: @cresudir
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cresud-sacif-y-a-announces-results-for-the-six-month-period-of-fy-2017-ended-december-31-2016-300406202.html
SOURCE Cresud S.A.C.I.F. y A.
MENAFN1902201700701241ID1095253981
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