November 12, 2008

Argentina's Cresud reports Q1 2009 net loss


Argentine agriculture conglomerate Cresud S.A.C.I.F. y A (CRES.BA) on Tuesday reported a first quarter 2009 loss totalling ARS37.4 million (US$11.3 million), compared with an ARS12.6 million loss a year earlier.


Cresud is in the process of planting 104,563 hectares, or 73.8 percent more than a year ago at this time, the company said in a statement filed with the Buenos Aires Stock Exchange.


Cresud also said that in the first quarter it increased the productive area of its Los Pozos cattle ranch to 38,800 hectares from 33,500 previously.


After the quarter ended on Sept. 30, Cresud signed a deal to sell 1,658 of those hectares for US$320 per hectare, compared with US$225 for a similar deal a year earlier.

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