ELARG Agricultural Land Opportunity Fund’s (4EC BU) net income increased from a net loss of BGN 0.9m in 1Q08 to BGN 0.2m in 1Q09. The increase was due primarily to higher rental income from agricultural land. ELARG’s CEO expects income from continuing operations to come in between BGN 1.8m and BGN 2.0m in full-year 2009. ELARG is Bulgaria’s largest agricultral real estate investment trust (REIT), with over 29,000 hectares of agricultural land in its portfolio. Shareholders assumed control of the fund in 2009, firing the company’s previous management over allegations of improper conduct.