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"BUENOS AIRES, Argentina, May 14, 2012 /PRNewswire via COMTEX/ -- Cresud S.A.C.I.F. y A. CRESY -8.55% (base:CRES), today announces results for the first nine-month period of FY 2012 ended March 31, 2012


Operating income was ARS 501.8 million, a fall of 2.1% as compared to the same period of the previous fiscal year.

Net income for the nine-month period was ARS 67.1 million, 52.7% lower than in the same period of 2011, explained mainly by exchange rate differences and higher financial losses.

During this period, Argentina has experienced a severe drought caused by the "La Nina" effect, which affected the country's core productive area, where Cresud has most of the farms leased from third parties."

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