INVL Baltic Farmland, a company that invests in agricultural land, in the first quarter of this year had revenue of EUR 140 000 and net profit of EUR 71 000. Compared to the same period last year, the group’s revenue grew 4.5%, while net profit decreased 13.4%.
INVL Baltic Farmland’s equity at the end of the first quarter was EUR 12.1 million. Equity per share was EUR 3.74 and compared with the first quarter of 2017 increased 7.8%.
“Results for the start of the year were influenced by provisions that were made for accounts receivable. For our part, we’ll continue seeking to effectively manage the property holdings in light of the objectives that have been set,” said Sigita Bizulienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land. She replaced Kristina Urbonienė in the position as of April this year.
Revenue in the first quarter of the year was 23% of INVL Baltic Farmland’s projection for all of 2018 (EUR 609 000), while net profit was 19.7% of the full-year plan (EUR 360 000). The operating forecasts were made assuming that the value of the company’s agricultural land holdings will not change this year and there will be no land purchase or sale transactions.
INVL Baltic Farmland is listed on the Nasdaq Vilnius exchange. Its subsidiaries own 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.
