Seeking Alpha: Can Black Earth Farming Grow Profits?

It looks like enthusiasm has drained out of the global farmland market, as owners in Canada, the U.S., and Brazil are seeing either slower increases or actual declines in appraised value. This is not altogether surprising. While it is true that the global population is growing and these people will need food, that doesn't mean particular markets cannot and do not get overheated when investors suddenly see it as "the next big thing."

While I've written at some length about Brazilian and Argentine agriculture companies like Adecoagro (AGRO), Cresud (CRESY), and SLC Agricola (OTCPK:SLCJY), this time around I'm interested in Black Earth Farming (OTC:BLERF). The legal structure of the company is fairly convoluted; the parent company is based in the Channel Islands, the subsidiaries are legally Cypriot and Russian companies, the shares are listed in Sweden as Swedish Depository Receipts, and the U.S. ticker is the ADR of those shares. As the farmland assets are in Russia, I'm going to go with calling this a Russian farmland company.

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Can Black Earth Farming Grow Profits?