Profits slip at Cresud
15/02/2007
First half 2007 net profits slipped at Argentinean agricultural products producer Cresud S.A.C.I.F. y A., falling to Ps17.0 million ($5.49 million) from the Ps23.9 million ($7.72 million) reported for the same period of fiscal 2006.
Consolidated net sales fell 24.3% to Ps41.1 million, due to a decrease in the crop tonnage sold.
Operating results for the six-month period ended December 31 showed a Ps0.4 million loss, compared with a Ps14.7 million profit for the same period of the previous fiscal year.
The company, which is currently involved in various operations and activities, including cattle raising and fattening, recently formed a joint venture with US-based Tyson Foods, which has created the first vertically integrated beef operation in
As part of the joint venture, much of the cattle plant’s production will be converted from grass-fed to grain-fed beef using cattle from the Cactus-Cresud feedlot.
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