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2014 H1: Dwindling Sales, High Cost Make UPDC Post 50% Drop In Pre-tax Profits

Nairametrics by Nairametrics
August 1, 2014
in Uncategorized
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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;

Download (PDF, 227KB)

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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