INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 269 thousand in the first half of this year and earned a net profit of EUR 162 thousand. Compared with the same period last year, the group’s revenue increased 4.3 per cent, while its net profit decreased 8.5 per cent. The latter change, just as in the first quarter of 2017, occurred due to the recovery of some previously written-off receivables in the first half of 2016, while there was no such positive effect this year.
INVL Baltic Farmland’s equity capital at the end of the first half of 2017 was EUR 11.3 million. Equity capital per share was EUR 3.49.
“During the first half of the year we ensured further stable growth of the company. We will continue working towards the same goal, focusing on effective management of our existing land holdings”, said Kristina Urbonienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
Looking at the achieved results, during the first half of the year the company’s revenue amounted to 46.8 per cent of the company’s annual revenue forecast (EUR 575 000), while net profit was 46.3 per cent of the forecasted annual consolidated net profit (EUR 350 000). The forecasts are based on an assumption that the value of INVL Baltic Farmland’s land holdings will not change during 2017 and no land purchase or sale transactions will be concluded.
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.