The operating income of this year totaled 654 million pesos, 10% lower than last year. The severe drought affected our core agricultural areas in South America, mainly in Argentina and Brazil and probably the combination of such drought that first came to South America and later came to the States we’re going to see later, made a big change on prices of the commodities that is not reflected in this fiscal year 2012.The lower operating income, because of this came brought to this partnership is mainly explained by this drought, and that levered the result from our beef cattle and feed loss segment and the losses from holding and derivative in BrazilAgro. But these are going to be recovered next fiscal year. We are going to explain you later that some affects of those hedges are affecting these existing balance sheets too.
Cresud's CEO Discusses F2Q12 Results - Earnings Call Transcript
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