May 16, 2007

Argentina's Cresud 9-month net profit at US$11 million

Argentine agricultural producer Cresud SA late Monday (May 14) said it posted an accumulated net profit for the nine-month period to March 31 of 36.7 million pesos (US$11.9 million), up from 23.4 million pesos in the equivalent period a year earlier.

The gain was mostly due to a 251 percent increase in consolidated earnings from Cresud's ownership interest in related companies.

In a press release distributed late Monday, the company said operating profit for its agricultural operations fell 32 percent year-on-year to 12.7 million pesos in the nine-month period, mainly because the year-earlier figure of 18.7 million pesos included profits on the sale of farm properties.

Gross profit gained to 23.5 million pesos in the latest nine-month period from 15.7 million pesos a year earlier, due to higher crop yields and higher average prices per tonne.

Consolidated net sales were 54.4 million pesos, 21 percent lower than the previous years, due to weather-related harvest delays, the company said.