BULGARIAN AGRICULTURE FIRMS IMPROVE RESULTS IN Q1 2011
Bulgarian agriculture-focused investment company Mel Invest Holding and farmland fund FairPlay Agricultural Fund recorded an improvement in their results in the first quarter of 2011, the two entities' financial reports show.
FairPlay Agricultural Fund ended the January-March period with a profit of 259 000 leva against a loss of 865 000 the previous year. The fund also reported a strong increase in revenue to 2.25 million leva, half of which came from sales.
The fund, owned by real estate developer FairPlay International, is mainly active in land purchases in northwestern Bulgaria, manufacture and sale of agricultural production.
Mel Invest Holding booked an annual increase of 40 per cent in profit to 14 000 leva in the three-month period, while revenue declined by 13 per cent on the year to 75 000 leva.
