UPDC (UACN Properties) released its 2014 H1 results showing revenues dropped 5% to N5.9billion. Despite this drop cost of sales rose 23% to N4.9billion compared to N4billion posted a year earlier. Interest expense also rose to N1.6billion compared to N1billion the year before. The company reported 50% drop in pre-tax profit to N808million compared to N1.6billion posted a year earlier. In fact, was it not for income from other sources of N1.6billion this result may have been a loss. The company has relied on this sources to post profits in recent times. It still has about N32billion in Investments.
See results below;