January 27 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said on Friday that its net profit dropped to 13.6 million levs ($7.6 million/6.95 million euro) in 2022 from 52.4 million levs a year earlier.
Advance Terrafund REIT's revenue slipped to 30.9 million levs last year from 107.6 million levs in 2021, it said in a financial statement.
The company's expenses also went down, to 17.3 million levs in the review period from 55.2 million levs in 2021, as the cost of goods sold dropped around fourfold to 10.6 million levs. Expenses for hired services were 37% lower year-on-year at some 6.5 million levs.
The REIT also said it has contracts for the rent and lease of 14,270 ha of land, or about 80% of its total portfolio. As at end-2022, the company owned 18,013 ha of farm land, including land sold on deferred payment terms but still owned by the company, and 6.08 ha of urban land. The real estate investment trust's investments in agricultural and urban land were valued at some 224 million levs at the end of 2022. Advance Terrafund REIT has said it expects to book rental revenue of about 4.1 million euro in the 2022-2023 crop year, which started on October 1, compared with 3.1 million euro in the previous crop year.
Shares in Advance Terrafund REIT traded 0.60% lower at 3.31 levs on the Sofia bourse as at 1440 CET on Friday.
(1 euro = 1.95583 levs)