Advance Terrafund books Q1’19 EPS of BGN 0.012 (NEUTRAL)

Advance Terrafund Q1’19 results offered no surprises, as the fund booked no direct land sales. Rental income was up a negligible amount YoY at BGN 1.6m; booked deferred sales and other income were insignificant. Interest income was down slightly, and OpEx were stable, leading to a bottom line of BGN 1m (down 9% YoY and QoQ). EPS for the quarter was BGN 0.012 (Q1’18: BGN 0.013).