INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 134 000 in the first quarter of this year and earned a net profit of EUR 82 000. Compared with the same period last year, the group’s revenue increased 3.88 per cent, while its net profit decreased 10.87 per cent. The latter change was due to the recovery in the year-ago period of some receivables that had been written off, while there was no such positive effect this year.
INVL Baltic Farmland’s equity capital at the end of the first quarter of 2017 was EUR 11.2 million. Equity capital per share was EUR 3.47.
“The start of the year was favourable – demand for farmland in the market remains strong. Meanwhile, we continue seeking to effectively manage existing land holdings and shifting to long-term land rent agreements,” said Kristina Urbonienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
Revenue in the first quarter was 23.3 per cent of the company’s revenue forecast for this year (EUR 575 000), while net profit was 23.4 per cent of the forecast annual consolidated net profit (EUR 350 000). The forecasts are based on an assumption that the value of INVL Baltic Farmland’s land holdings will not change during 2017 and no land purchase or sale transactions will be concluded.
INVL Baltic Farmland is listed on the Nasdaq Vilnius exchange. Its subsidiaries manage 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.
