Bulgaria's Advance Terrafund net profit, revenue plunge in 2023

Advance Terrafund's total revenue sank to 32.8 million levs last year from 120.2 million levs in 2022, the company said in a financial statement.

Meanwhile, operating expenses jumped to 30.4 million levs in the review period from 17.3 million levs the prior year as a result of higher costs of goods sold.

The REIT said it had contracts for the rent and lease of 14,625 ha of land, or 81.85% of its total invested portfolio as of the end of 2023.

The company owned some 17,868 ha of farmland and 6.1 ha of urban land at the end of last year, with its investments valued at 303.2 million levs in total.

As of 1500 CET on Friday, shares in Advance Terrafund REIT traded flat at 3.32 levs on the Sofia bourse.

(1 euro = 1.95583 levs)