INVL Baltic Farmland earns first-quarter net profit of EUR 45 000
INVL Baltic Farmland, a company that invests in agricultural land, in the first quarter of this year had revenue of EUR 151 000 and a consolidated net profit of EUR 45 000. Compared to the same period last year, the company’s revenue grew 7.9%, while its net profit decreased 36.6%.
INVL Baltic Farmland’s equity at the end of March this year was EUR 12.4 million, or EUR 3.83 per share. Equity per share increased 9.1% from a year earlier, also taking into account dividends that were allocated for 2017 and 2018.
“At the start of this year we continued working steadily to increase the value of property holdings in light of the goals that have been set. But the result achieved was also influenced by provisions that were made for amounts receivable. We continue seeking to efficiently manage the company's assets,” said Justė Gumovskienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
As regards the company’s operating forecasts for this year, which assume no change in the value of the company’s land holdings, no land purchase or sale transactions, and no changes in provisions for receivables, INVL Baltic Farmland’s first-quarter revenue was 23.2% of the full-year forecast (EUR 650 000), while net profit was 11.4% of the amount forecast for the year (EUR 395 000). Excluding the effect of provisions for receivables in the reporting period, the net profit figure would be 23.8% of the forecast full-year amount.
INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.