Bulgaria's Elana Agrocredit Q1 net profit, revenue fall

Elana Agrocredit's overall revenue in January-March went down to 1.83 million levs from some 2.60 million levs in the same period of 2023, the company said in an interim financial statement on Wednesday. Revenue from fees increased to 1.68 million levs from 1.25 million levs.

Meanwhile, the company's operating expenses dropped to 965,000 levs in the three months through March from 1.67 million levs a year earlier, mostly due to lower costs of goods sold and other economic expenses.

Elana Agrocredit signed 37 deals to finance purchases of a total of 210 ha of agricultural land worth some 5.02 million levs in the first quarter of 2024, the financial statement showed.

Shares in Elana Agrocredit last traded on Wednesday when they closed at 1.09 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)