INVL Baltic Farmland, a company that invests in agricultural land, in the first nine months of this year had revenue of EUR 422 000 and a net profit of EUR 229 000. Compared to the same period last year, the group’s revenue grew 4.7%, while its net profit decreased 6.5%.
INVL Baltic Farmland’s equity at the end of the third quarter was EUR 11.75 million. Equity per share was EUR 3.64 and was up 7.7% from a year earlier (also taking into account dividends that were paid).
“Seeking to effectively manage the assets held, we continue focusing on long-term rent agreements and financial results,” said Justė Gumovskienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land. She assumed the position in September. In assessing the results for three quarters of this year, she said they were also influenced by provisions for receivables, which were due to a poorer harvest this year.
Revenue in January-September was 69% of INVL Baltic Farmland’s forecast for this year as a whole (EUR 609 000), while the consolidated net profit was 64% of the full-year plan (EUR 360 000). The operating forecasts were made assuming that during 2018 there would be no change in the value of the company’s agricultural land holdings and no land purchase or sale transactions would take place.
INVL Baltic Farmland is listed on the Nasdaq Vilnius exchange. Its subsidiaries own 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.