July 30 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:6A6] said that its net profit fell to 2.1 million levs ($1.3 million/1.1 million euro) in the first half of 2020 from 2.6 million levs in the same period of 2019.
The real estate investment trust's income from sales of properties and subsidiaries dropped to 475,000 levs in the review period from 956,000 levs the year before, figures from its interim financial statement, published on Wednesday, show.
Earlier this year, Advance Terrafund REIT established a new unit - Atera-1, and imported several properties in Stara Zagora into its capital. In March, Advance Terrafund REIT sold Atera-1 to local company Vereya Stroy for some 2.1 million levs. However, the net income from the transaction was 207,000 levs.
The REIT's revenue from leases of investment property remained flattish year-on-year at 3.3 million levs in the review period.
Advance Terrafund REIT's expenses fell to 4.2 million levs in the first half of 2020 from 5 million levs the year before, as both expenses for services and cost of goods sold decreased.
(1 euro = 1.95583 levs)