Unaudited results of INVL Baltic Farmland for 6 months of 2018
Unaudited consolidated net profit of the INVL Baltic Farmland group amounted to EUR 140 thousand for 6 months of 2018 and the revenue was EUR 281 thousand (for 6 months of 2017 consolidated net profit was EUR 162 thousand, revenue was EUR 269 thousand).
Additional information:
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 281 thousand in the first half of this year and a net profit of EUR 140 thousand. Compared with the same period last year, the group’s revenue increased 4.5 per cent, while its net profit decreased 13.6 per cent.
INVL Baltic Farmland’s equity capital at the end of June 2018 was EUR 11.657 million. Equity per share was EUR 3.61 and increased 7.7 per cent compared to the end of the first half of the last year, and also considering paid dividends.
"We continue to focus on the growth of value of the managed assets, as well as we seek to conclude long-term land rent agreements. Meanwhile, the results of this year were affected by provisions that were made for accounts receivable. In turn, we expect this effect to be short-term," said Sigita Bizulienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
In terms of results achieved, the company’s six-month revenue was 46 per cent of the amount forecast for all of this year (EUR 609 thousand) and its six-month consolidated net profit was 39 per cent of the forecast full-year consolidated net profit (EUR 360 thousand). The forecasts are based on an assumption that the value of INVL Baltic Farmland’s land holdings will not change during 2018 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.
The person authorized to provide additional information:
Egle Surpliene
Director
E-mail:
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