April 26 (SeeNews) - Bulgarian financial leasing company Elana Agrocredit [BUL:EAC] said that its net profit fell to 710,000 levs ($387,700/363,000 euro) in the first quarter of 2022 from 797,000 levs in the like period a year earlier, despite higher revenue.
The company's revenue rose to 2.3 million levs in the first quarter from 1.3 million levs in the like period of 2021, the company said in an interim financial statement last week.
Elana Agrocredit's expenses increased sharply in the review period - to 1.5 million levs from just 393,000 levs a year earlier, mostly due to higher costs for impaired assets and provisions, the financial statement showed.
Elana Agrocredit signed 36 deals to finance purchases of a total of 142.8 ha of agricultural land worth over 2.6 million levs in the review period.
As at 11:05 CET on Tuesday, shares in Elana Agrocredit traded 0.93% lower at 1.07 levs on the Sofia bourse.
(1 euro = 1.95583 levs)