INVL Baltic Farmland, a company that invests in agricultural land, in the first half of this year had revenue of EUR 258 thousand and earned a net profit of EUR 177 thousand. Compared with the same period last year, INVL Baltic Farmland's revenue increased by 12.2 per cent, while net profit decreased by 14,1 per cent.
Revenue in the first half of the year was 48.7 per cent of the amount planned for the full year (EUR 530,000) and net profit was 59 per cent of INVL Baltic Farmland's plan for 2016 (EUR 300,000). The forecasts for 2016 were prepared on the assumption 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.
"We see the results achieved in the first half of the year as in line with the plan we established for this year. Among other things, they reflect continued strong rental demand for agricultural land. We're also continuing to focus on concluding long-term land rent agreements," said Kristina Urboniene, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland's land.
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. The company allocated dividends of EUR 217 thousand for 2015, or EUR 0.066 per share.