BUENOS AIRES, Argentina – Cresud S.A.C.I.F. y A. reported net income of ARS41.5 million (US$9,545,921) for the first six months of fiscal 2012 ended Dec. 31, 2011. This compares to ARS107 million (US$24,612,375) for the same year-ago period. The company attributed the decline in net income to net losses from unfavorable exchange rates for the company's liabilities held in dollars.

The company's beef cattle production segment grew 49.2 percent compared to the same year-ago period, generating a 121.8 percent increase in production income. Operating income from this segment fell 98.4 percent. Holding results were ARS 42.3 million (US$972,994) lower due to slow price growth compared to the same period of the previous fiscal year.

Operating income totaled ARS404.4 million (US$93,020,975), a 12.5 percent increase compared to the comparable year-ago period. Favorable results in the company's real estate segment and in crop production contributed to the results.

Cresud is a leading Argentine agricultural company that is involved in a range of activities including crop production, cattle raising and milk production.