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BUENOS AIRES, Argentina, Feb. 18, 2013 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Semester 2013 ended December 31, 2012.
Net income for the first six months of 2013 amounted to ARS 176.7 million, compared to ARS 23.3 million in the same period of 2012.
Operating income for the first six months of 2013 reached ARS 556.9 million (+53.0% compared to the first six months of 2012) driven by the satisfactory performance of the Urban and Rural segments and the consolidation of the Madison Building, in New York, by IRSA.
The Agricultural segment recorded positive results, mainly due to the increase in crop prices observed during the period and the larger areas planted with sugarcane.
Through our subsidiary BrasilAgro we sold the "Horizontina" farm for a total amount of BRL 75.0 million. The farm's book value was BRL 46 million.
The Urban business, through our subsidiary IRSA, has generated very good results for our company. EBITDA during the first six months of this fiscal year reached ARS 666.0 million, 45.5% higher than in the first six months of 2012.
On October 31 past the Shareholders' Meeting approved the payment of cash dividends for ARS 120 million, equivalent to ARS 0.2417 per share (ARS 2.417 per ADR) which were made available to local shareholders in the month of November.
Financial Highlights (In thousands of Argentine Pesos) Period 6M 2013 Ended December 31, 2012
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 Assets
Non Current Liabilities
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 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 64.50% 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 Semester 2013 Results Conference Call on Tuesday, February 19, 2013, at 12:30 PM Eastern Time
If you would like to participate, please call: United States: (888) 841-3494 International: +1-(706) 758-3350 ID# 92374062
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