March 31 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said on Friday it will propose to shareholders to approve the distribution of a gross dividend of 0.242 levs per share for 2022, which is less than half of the payout of 0.527 levs per share for 2021.
Advance Terrafund intends to return to its investors 98.58% of the 2022 distributable profit, or some 20.9 million levs ($11.6 million/10.7 million euro), the real estate investment fund said in a stock exchange filing.
Shareholders will vote on the proposal at a general meeting to be held on May 11.
In 2021, Advance Terrafund distributed as gross dividend 99.72% of its profit for the previous year.
Advance Terrafund said in January that its net profit dropped to 13.6 million levs in 2022 from 52.4 million levs a year earlier, as revenue shrank to 30.9 million levs from 107.6 million levs.
AS at 1540 CET on Friday, shares in Advance Terrafund traded 1.75% higher at 3.48 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)