Cresud S.A.C.I.F. y A. Announces Results for the Nine Months Ended March 31, 2008

BUENOS AIRES, Argentina, May 12 /PRNewswire-FirstCall/ -- Cresud S.A.C.I.F. y A. (NASDAQ:CRESY)(NASDAQ:BASE:)(NASDAQ:CRES) today announced results for the Nine Months Ended March 31, 2008

HIGHLIGHTS

- The 165% increase in operating income for the nine-month period ended on
March 31, 2008 is mainly attributable to the improvements in income from
the production and sale of crops, beef and milk, in addition to the
income earned on the sale of hectares in the Los Pozos and La Esmeralda
farms during the second quarter of the current fiscal year.

- As of March 31, 2008 we had harvested 99% of the surface area sown with
wheat, 79% of the surface area sown with sunflower, 23% of the surface
area sown with corn and 8% of the surface area sown with soybean. In the
course of this season, the surface area sown extended over 59,547
hectares, which means a 13% increase in comparison to the surface area
sown a year earlier.

- Development of our land reserves: We estimate that by the end of this
fiscal year we will have increased the number of hectares devoted to
cattle beef production in our "Los Pozos" farm from 38,500 to 62,000
hectares and the number of hectares devoted to agricultural production
in "Agropecuaria Cervera" from 3,960 to 17,500 hectares.

- Cresud's net income reduction is due mainly to the higher financial
burden resulting from its additional indebtedness and the reduction in
the contribution made by our related company IRSA Inversiones y
Representaciones S.A. whose results were affected by a decrease in the
valuation of certain financial assets. Both IRSA's and Banco
Hipotecario's operating income has been improving on a year-over-year
basis.

- Brasilagro: Our interest in this company increased until reaching 11% by
the end of the quarter. Brasilagro has 8 properties that span over a
total surface area in excess of 144,000 hectares. Approximately 19% of
this area is expected to be in production by the end of this fiscal
year.

- Capital Increase. During March, 180 million shares were offered, which
were fully subscribed, proving once again the degree of support received
by the Company from the investor community.

Financial Highlights
(In Argentine Pesos)
Nine months ended

Income Statement As of March 31, 2008 As of March 31, 2007
Total Production 70,264,355 55,535,901
Production Results 22,126,448 19,209,364
Total Sales 103,238,749 54,378,968
Sales Results 15,305,697 6,110,230
Gross Profit 37,432,145 25,319,594
Operating Profit 33,777,111 12,728,279
Net Income 27,626,283 36,716,166

Balance Sheet As of March 31, 2008 As of March 31, 2007
Current Assets 917,682,302 193,609,723
Non Current Assets 1,146,825,432 846,702,392
Total Assets 2,064,507,736 1,040,312,115
Current Liabilities 271,069,078 161,925,246
Non Current Liabilities 45,535,831 68,831,254
Total Liabilities 316,604,911 230,756,500
Minority Interest 1,238,352 495,572
Shareholders' Equity 1,746,664,473 809,060,043

About Cresud:

Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro- Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which it seeks to roll out abroad, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.

A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar/.

Cresud cordially invites you to participate in its First Quarter Fiscal Year 2008 Results Conference Call on Friday, May 16, 2008, at 10:00 am Eastern Time.

If you would like to participate, please call:
United States: +1-888-335-5539
International: +001-973-582-2857

To access the webcast, click on the link below:
http://www.videonewswire.com/event.asp?id=48625

Gabriel Blasi
CFO
54-11-4323-7449
gblasi@cresud.com.ar

First Call Analyst:
FCMN Contact: egrinberg@irsa.com.ar

Source: Cresud S.A.C.I.F. y A.

CONTACT: Gabriel Blasi, CFO, Cresud, +011-5411-4323-7449,
gblasi@cresud.com.ar

Web site: http://www.cresud.com.ar/

2008-05-12 18:30:54 0359424 PRNEWSWIRE