Argentina-based producer of agricultural products Cresud S.A.C.I.F. y A. has posted mixed financial results for the first nine months of fiscal 2007 ended March 31, as profits surged but sales fell.

Net profit for the period reached Ps36.7 million ($11.9 million) from the Ps23.4 million reported for the same period in the previous year. This significant increase was attributed to a 251% increase in results from its ownership interests in related companies. Gross profit improved to Ps23.5 million from Ps15.7 million.

Meanwhile, consolidated net sales slipped to Ps54.4 million, 21% lower than in the previous year.

Cresud is involved in various agricultural operations and activities including cattle raising and fattening and milk production.