January 31 (SeeNews) - Bulgarian blue-chip real estate investment trust (REIT) Advance Terrafund [BUL:6A6] said on Wednesday its net profit fell to 7.8 million levs ($5.0 million/4.0 million euro) in 2017 from 12.4 million levs the year before.
Advance Terrafund's operating revenue decreased to 29.1 million levs last year from 43.5 million levs in 2016, the company said in a bourse filing.
The company reduced its operating expenses to 21.3 million levs in 2017, compared to 31.1 million levs a year earlier.
Last year, Advance Terrafund bought 442.5 ha of farmland at an average price of 4,264 euro per ha. In 2017, the company sold 992 ha of agricultural land at an average price of 6,155 euro per ha and signed deals for the deferred sale of 659.7 ha for 6,882 euro per ha.
Advance Terrafund closed 0.45% lower at 2.23 levs on the Bulgarian Stock Exchange on Wednesday.
(1 euro = 1.95583 levs)