UPDC declares 51% drop in profit

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The reality of the current situation is reflecting in blue chip companies as UPDC real estate investment Trust declared a decline of 51 per cent in profit for the half year performance that ended June 30, 2015.

The company’s profit for the reviewed half year stood at N1.56 billion as against N3.16 billion recorded in prior half year results.

For the half year, the company’s total income moved from N3.58 billion to N1.73 billion, representing a decline of 52 per cent.

Weak performance in profit dragged the company’s basic earnings per share to N0.59 from N1.18.

Total assets thus rose by eight per cent from N30.9 billion as at December 31, 2015 to N33.25 billion as at June 30, 2015.

The Group Managing Director/CEO, Larry Ettah, had said in a statement that the group weak results can be characterised by socio-political and economic challenges and a difficult trading environment.

 Political uncertainties, insecurity, currency volatility and challenged consumer economic health all had significant implications on the general business climate.

In response to these challenges, “we continue to up-skill our people, pursue innovative strategies, leverage on existing partnerships and drive resource optimisation while managing enterprise risk.

“We remain positive that our resilience would put us in good stead to weather headwinds and deliver sustained performance in the years ahead”.

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