Bulgaria's Advance Terrafund REIT [BUL:ATER] said that its standalone net profit fell to 927,000 levs ($491,430/474,000 euro) in the first quarter of 2022 from 1 million levs in the same period of 2021.
Advance Terrafund REIT's revenue edged down to 2.12 million levs in the January-March period compared to 2.56 million levs in the first quarter of last year, the real estate investment trust said in an interim financial statement on Thursday.
The company's expenses decreased to 1.2 million levs in the review period from 1.55 million levs a year earlier.
At the end of March, Advance Terrafund owned just over 18,000 ha of farm land, including land sold on deferred payment terms but still owned by the company, and 6.1 ha of urban land. By the end of the first quarter, Advance Terrafund had leased close to 80% of the land in its portfolio.
Shares in Advance Terrafund REIT closed 0.56% higher at 3.57 levs on the Bulgarian Stock Exchange on Thursday.
(1 euro = 1.95583 levs)