September 10, 2008


Argentina's Cresud posts ARS23 million in '08 earnings



Argentine agriculture conglomerate Cresud S.A.C.I.F. y A (CRES.BA) on Tuesday (September 9) reported 2008 earnings of 23 million pesos, down from ARS49 million last year.


The earnings for the accounting year ended June 30 came in at ARS0.06 per share, down from ARS0.16 a year ago.


A fourth quarter breakdown was not provided.


The company saw gross income from crops rise 71 percent on the year to ARS46 million due to increased prices and planted area, Cresud said.


The company cultivated 58,702 hectares last year and expects to sow 90,000 this year.


In March, Cresud released a US$288 million capital increase that was fully subscribed, ahead of "plans for expansion into regions where we have envisaged the possibility of anticipating the land appreciation cycle."       

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