INVL Baltic Farmland has net profit of EUR 137 000 in first half of year
INVL Baltic Farmland’s equity at the end of June this year was EUR 12.4 million, or EUR 3.85 per share. Equity per share increased 9.4% from a year earlier, also taking into account dividends that were paid out.
“Despite the challenges that the agricultural sector is facing this year, we continue to pursue the objectives that have been set as well as effective asset management,” 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 January-June revenue was 46.5% of the full-year forecast (EUR 650 000), while net profit was 34.7 per cent 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 47.3% of the forecast full-year amount.
INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own almost 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.