Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q1 2023 Earnings Conference Call November 14, 2022 10:00 AM ET
Company Participants
Santiago Donato - Investor Relations
Alejandro Elsztain - Chief Executive Officer
Matías Gaivironsky - Chief Administrative & Financial Officer
Conference Call Participants
Santiago Donato
Good morning everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter 2023 Results Conference Call. First of all, I would like to remind you that both audio and a slide show may be accessed through company's Investor Relations website at www.cresud.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question please click the bottom labeled Raise Hand or use the chat.
Before we begin, I would like to remind you that this call is being recorded and the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements.
I will now turn the call over to Mr. Alejandro Elsztain, CEO. Please go ahead sir.
Alejandro Elsztain
Thank you very much. Good morning, everyone and everybody. We are beginning our first quarter results 2023. And the main highlight for this quarter, but the strong commodity prices are still, and the sustained margins per acre that have received some impact because of cost of inputs and lower -- sometimes lower prices of output. But in general still keeping good margins per hectare for the overall agriculture in South America. The climate is affecting us something. And the climate mainly is affecting Argentina, not the rate, not Brazil, not Paraguay, not Bolivia. But in Argentina the effect on the climate was enough strong and we're going to show you in the map what is the situation for the country.
Related to real estate, this quarter we were able to acquire a farm in Brazil, close to 11,000 hectares from those net of 5,500 acres of arable land and in some sales not in the first quarter but in later, we are seeing a lot of movement related to the real estate in the selling. So we are seeing that movement on the market.