For UACN Property Development Company Plc, its half year financial statements showed that the company is still struggling to make things right and it might take time for investors to see the impact of efforts being made by management and the board.
The financial statements for the half year running from January to June indicated that the company made a post tax loss of N1.3 billion as against a loss after tax of N1.8 billion recorded in H1 2018.
However, the revenue made from contract with customers as at June 30, 2019 was N1.5 billion, an increase from N1.2 billion realized in H1 2018.
A higher cost of sales of N1.2 billion was posted by the property division of UAC Nigeria in H1 2019 compared with N1.13 billion in H1 2018, leaving the firm with a gross profit of N331.5 million, an increase from the N66.4 million calculated in the first half of 2018.
Selling and distribution expenses was N47.5 million, higher than N39.2 million recorded in H1 2018, while the administrative expenses was lower than H1 2018 as the company recorded a N243.3 million overhead from N293.7 million.
The company said it recorded an operating loss N45.5 million in the period under review compared with N227.7 million operating profit made in H1 2018 as the finance income and costs for H1 2019 were N637,000 and N1.6 billion respectively as against N8.9 million and N2.2 billion recorded in H1 2018 apiece.
The company recorded a total loss of N1.03 billion before tax in H1 2019 as against a loss before tax of N1.53 billion recorded in the previous H1. A higher tax of N121 million was paid in the first six months of this year compared with the N80 million paid at the end of six months in 2018.