Welcome to our dedicated page for Cresud news (Ticker: CRESY), a resource for investors and traders seeking the latest updates and insights on Cresud stock.
Cresud S.A.C.I.F. y A. reports news tied to its Latin American agribusiness operations and its urban properties and investments exposure through IRSA. Company updates commonly cover fiscal results, adjusted EBITDA by segment, crop campaigns, planted area, grain and sugarcane conditions, livestock production, cattle prices, and the effects of commodity prices, input costs, weather, and Argentine export-tax policy.
Recurring announcements also include farmland sales and development activity in Argentina and Brazil, including activity through BrasilAgro, along with dividends, treasury share distributions, local note issuances, debt-service notices, and conference-call materials for holders of its NASDAQ-listed ADSs and BYMA-listed shares.
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Cresud S.A.C.I.F. y A (NASDAQ: CRESY) reported its FY 2023 Q2 results, marking a significant decline in performance. The company posted a profit of ARS 19,237 million, down from ARS 74,081 million in the same period last year. Adjusted EBITDA also fell 40.3% to ARS 17,579 million, primarily due to lower productivity in sugarcane activities and reduced farmland sales in Brazil. Agricultural revenues dropped to ARS 36,905 million from ARS 48,794 million, while gross profit for the agricultural business decreased to ARS 5,584 million from ARS 15,393 million. The ongoing drought in Argentina continues to pose challenges.
IRSA Inversiones y Representaciones S.A. (NYSE: IRS), a leading real estate firm in Argentina, reported its financial results for the second quarter of FY 2023 ending December 31, 2022. The company recorded a net profit of ARS 15,436 million, down from ARS 49,712 million in the prior year. Rental adjusted EBITDA rose 47.5% to ARS 15,471 million, driven by strong performance in shopping malls and hotels. Tenant sales in malls increased by 22.2%. The occupancy rates for shopping malls, office portfolios, and hotels improved to 93.9%, 83.8%, and 71.4%, respectively. Despite these gains, a fair value adjustment resulted in a loss of ARS 29,530 million, raising concerns about asset valuations.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY) reported a profit of ARS 5,233 million for Q1 FY 2023, slightly down from ARS 5,195 million in Q1 FY 2022. The adjusted EBITDA fell 14.3% to ARS 7,955 million, with agribusiness EBITDA dropping 57.3% due to lower sugarcane production in Brazil. The company is planting 260,000 hectares amid favorable international commodity prices. Cresud's subsidiary Brasilagro acquired a 10,800-hectare farm in Brazil and repurchased 0.96% of its capital stock for ARS 990 million, distributing a cash dividend of ARS 3,100 million to shareholders.
Cresud S.A.C.I.F. y A. (NASDAQ: CRESY), a leading Argentine agricultural company, reported robust results for its Fiscal Year 2022, which ended on June 30, 2022. Highlights include a grain production of 800,000 tons across 254,000 hectares, adjusted EBITDA of ARS 47,739 million (up 10% from FY 2021), and a net gain of ARS 63,000 million, reversing the previous year's loss. The agricultural revenue reached ARS 64,408 million, while urban properties generated ARS 25,593 million. The firm is also actively repurchasing shares, with 99% of its ARS 1,000 million plan completed.
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) announced an extension to the expiration date for its exchange offer for existing notes. Originally set to expire on June 29, 2022, the new expiration date is July 6, 2022. The offer includes an exchange of USD 113.16 million of 6.50% Series No. 23 Notes due 2023 for 8.00% Series No. 38 Notes due 2026. As of June 28, 2022, approximately 65.84% of the existing notes, worth USD 74.51 million, were tendered.
Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria has announced an exchange offer for its Series XXXVIII Notes to holders of the Series XXIII Notes, totaling USD 113,158,632. The new notes, not exceeding USD 82,605,801, will have a fixed interest rate of 8.00% per annum and mature on March 3, 2026. The offer, authorized by Argentina's Central Bank, is designed to refinance existing liabilities and does not involve cash proceeds for the company. The offer commenced on June 16, 2022 and expires on June 28, 2022.