INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 387 thousand in nine months of this year and earned a net profit of EUR 257 thousand. Compared with the same period last year, the company's revenue increased by 14.2 %, while net profit decreased by 4.8 %.
Revenue in the first three quarters of the year was 73 % of INVL Baltic Farmland's plan for all of 2016 (EUR 530,000). Net profit was 85.7 % of the full-year plan (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.
"These are positive results, in line with the plans we set out for this year. Looking forward, we continue 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.