Unaudited consolidated net profit as well as consolidated net profit attributable to shareholders of INVL Baltic Farmland amounted to EUR 270 thousand for 9 months of 2015.
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 339 thousand in nine months of this year and earned net income of EUR 270 thousand in the period. Because INVL Baltic Farmland was established in April 2014, its nine-month results for last year (revenue of EUR 135 thousand and profit of EUR 56 thousand) are not comparable.
During the first three quarters of 2015, INVL Baltic Farmland’s revenue was 74 percent of the amount forecast for the full year (EUR 457 thousand), while net income was 85 percent of the 2015 profit forecast (EUR 316 thousand). The forecast for the year was prepared under the assumption that the value of the company’s agricultural land holdings would not change.
“The record grain harvest and restrictions on purchases of agricultural land have kept demand for fertile land very strong. We are currently finalising rental agreements for 2016 and, due to the large demand, we plan an increase of more than 10 per cent in rental income compared to 2015,” said Kristina Urbonienė, the director of INVL Farmland Management, the administrator of INVL Baltic Farmland’s land.
Since 1 July 2015, administration of INVL Baltic Farmland’s holdings of agricultural land has been entrusted to INVL Farmland Management, a part of Invalda INVL, one of the leading asset management groups in the Baltic countries.
Subsidiaries of INVL Baltic Farmland, which is listed on the NASDAQ Vilnius exchange, manage 3 thousand hectares of agricultural land in Lithuania for rental to agriculture companies and farmers. The value of INVL Baltic Farmland's equity capital at end-September 2015 was EUR 10.002 million, or EUR 3.04 per share.
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