Atlanta, Jan. 09, 2023 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQB: UCASU) management announces that the company aims to achieve over $1 million gross profit from its operation in the year of 2023, representing a 100% growth from its highest gross profit in previous years.
UC Asset had been operationally profitable in previous years, and it had managed to maintain steady growth of gross profit. According to its filings, the company reported gross profit of about $491,000 for the fiscal year of 2021, about $103,000 gross profit for the fiscal year of 2020, and about $42,000 gross profit for the fiscal year of 2019.
Later last year, UC Asset projected to close two deals which would have generated about $600,000 - $800,000 gross profits. UC Asset expects to close these two deals in the first half of 2023.
"With these two deals that we are very confident to close soon, and with a solid pipeline of deals we are developing and possibly closing in the second half of 2023, we are optimistic that our gross profit may break $1 million mark, for the first time of our operating history," says Greg Bankston, managing partner of UC Asset. "This will be exciting, given that our annual gross profit has never reached half million in the previous years."
Bankston cautions that the company may not be able to realize these goals, and even if it does, it may not report similar net income growth due to non-operating costs, including fees to be paid to its management team.
However, Bankston hints that the company has a plan to cut back the management team's payment considerably for the year of 2023, and thus may increase the margin of net income.
Bankston also indicates that the company may distribute more dividend to its shareholders, if it reports higher net income.
Last year, the company completed distribution to its shareholders a cash dividend of $0.10 per share.
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:
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.
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