Cresud: agribusiness net profit down 600% in Q1 FY 2021
02 December 2020
Cresud, an Argentina-based company engaged in large-scale agricultural and real estate business, has reported net profit of $2 million for Q1 FY 2021 (July 2020 – June 2021) in agribusiness segment, a 590%-decrease as compared to net profit of $13.8 million in Q1 FY 2020. Gross profit declined from $21.8 million to $24.6 million, while operating profit fell from $13.6 million to $2.09 million. EBITDA halved to $8.8 million in the reporting period. Cresud operates 296,701 hectares of farmland in Argentina, Brazil, Bolivia, and Paraguay.