BUENOS AIRES, Argentina, Sept. 10, 2019 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for FY 2019 ended June 30, 2019.
- The net result for fiscal year 2019 registered a loss of ARS 28,497 million compared to a profit of ARS 19,185 million in 2018, mainly due to the loss recorded from changes in the fair value of investment properties from the IRSA Argentine Business Center.
- Adjusted EBITDA of fiscal year 2019 grew by 21.1% compared to 2018 reaching ARS 22,902 million, of which ARS 3,771 million come from the agricultural business with higher productive results of the grain segment and higher results from farm sales and ARS 19,131 million come from the urban property and investment business (IRSA), whose rental segment in Argentina increased by 6.8% in the period.
- The 2019 campaign presented very good weather conditions in the region. We planted a historical record of 242,000 hectares and reached a crop production of 812.000 tons.
- Our subsidiary Brasilagro has sold 3 fractions of farms during the year for the sum of BRL 238.4 million. As a subsequent event, it has completed a new partial sale for BRL 23.2 million.
- During the year, we have completed two programs to repurchase our own shares for ARS 600 million (approximately 2.6% of the share capital). Subsequently, we launched a new plan for up to ARS 300 million.
(In millions of Argentine Pesos)
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 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 62.35% 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 opportunistic investments, including 100.0% indirect stake in IDB Development Corporation and 82.3% 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 FY 2019 Results Conference Call on Tuesday, September 10, 2019, at 11:00 AM Eastern Time
If you would like to participate, please call:
United States: 1-844-686-3840
To access the webcast, click on the link below:
SOURCE Cresud S.A.C.I.F. y A.