ATLANTA, GA -- August 16,
2023 -- InvestorsHub NewsWire -- UC Asset LP (OTCQB:
UCASU) management announces today that the company is expected
to report a revenue increase of approximately $2.3 million, and an
operative cost decrease by approximately 55% , for the first half
of the year 2023 over the same period of the year 2022, based on
unaudited financial results.
"While part of the surge in
revenue may be due to the change of overall market situation which
is beyond the company's control, the 55% cost reduction should be
mostly attributed to the management's effort, " says Jason
Armstrong, manager of UC Asset.
The company announced in
July last year that it would focus on improving profitability, for
which a major part is to cut expenses.
"Our operating expenses
decreased significantly across the board (except for depreciation)
for the first half of 2023, compared to the same period in 2022,"
confirms Armstrong.
"In particular, 1)
management fees decreased by more than 44%, due to a change
proposed by the management team with the intention to reduce
management fees; 2) Professional fees decreased by approximately
29%, mostly due to termination of the plan for a Secondary Public
Offering; 3) other general and administrative cost decreased by
more than 70%, mostly due to decrease of marketing and
advertisement costs and travel costs; 4) interest expenses
decreased by more than 75%, mostly due to paid-off of our
construction loans; and 5) loss on disposal of asset decreased from
$39,100 to $0."
Armstrong cautions that the
above results may change in the audited report, but he believes
that there is no reason for audited results to be substantially
different.
Subject to auditing, the
company is expected to report $0.06 per share net profit for the
first half of the year. Armstrong confirms that the goal of the
company is to achieve more than $0.10 per share net profit for the
whole year.
UC Asset had reported
profits in previous years, including the year of 2020 and 2021. In
the year 2021, it reported $0.13 per share net gain of assets, and
distributed $0.10 per share dividend. However, the company suffered
a loss in 2022, mostly due to loss from marketable securities on
stock market.
In April 2023, independent
stock research firm, Litchfield Hills Research LLC, released its
initial analysis report on UC Asset LP (OTCQB: UCASU), which rates
UCASU as "Buy", and sets its target price at $4.00 per share, using
its model of discounted future earnings.
About UC Asset LP
UC Asset LP is a limited
partnership formed for the purpose of investing in real estate with
innovative strategies. For more information about UC Asset,
please visit: www.ucasset.com
Disclaimer:
This News Release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause our actual results, performance
or achievements, or industry results, to differ materially from any
these statements. You are cautioned not to place undue reliance on
any those forward-looking statements. Except as otherwise required
by the federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements after the
date of this news release. None of such forward-looking statements
should be regarded as a representation by us or any other person
that the objectives and plans set forth in this News Release will
be achieved or be executed.
For More Information
Contact:
UC Asset LP
IR@UCasset.com
+1 470-475-1035