During the first quarter of the year the agricultural land investment company INVL Baltic Farmland generated EUR 121 thousand of revenue and made EUR 116 thousand of net profit. As INVL Baltic Farmland was established in April 2014, there is no data to compare.
The revenue of INVL Baltic Farmland for the first quarter of 2015 consists of 26.9 per cent of the forecasted result for 2015 (EUR 450 thousand), the net profit is 44.6 per cent of the forecasted profit for the whole 2015 (EUR 260 thousand). Results, which are better than expected, are influenced by smaller than usual administrative expenses and recovered customers’ debts of EUR 24 thousand that were written off before.
“Currently we are negotiating on the terms of the rent for 2016 – we are offering long-term agreements for clients. The land of INVL Baltic Farmland is located in the most fertilised areas of Lithuania. As there are restrictions for the purchase of land, there is a great interest from farmers and agricultural companies”, says director of INVL Baltic Farmland subsidiaries Kristina Urboniene.
According to the director, the warm winter let us except grain yield for 2015 to be a record. Because of that, the demand for renting land should continue to increase.
INVL Baltic Farmland, which is listed in NASDAQ Vilnius stock exchange, through subsidiaries owns 3 thousand hectares of agricultural land in Lithuania that is rented to farmers and agricultural companies. In the end of March 2015 the equity of the company was EUR 9.848 million, or 2.99 euros per share.
In April INVL Baltic Farmland paid EUR 197 thousand of dividends, or 0.06 euros per share.