UACN Property Development Company, UPDC has issued a profit warning for its expected full year 2016 result.
In statement issued by the UPDC:
We have carried out a preliminary review, subject to audit, of the Management Accounts of our company for the year ended 31′ December, 2016 and expect to report materially lower earnings.
This is mainly as a result of the recognition of losses on certain projects and impairment of investments in one joint venture project occasioned by significant increase in finance costs. The results were further worsened by foreign exchange losses and the negative performance of our hotel asset.
Further details of the financial performance will be disclosed in the audited financial statements.
Despite the continued lull in the real estate sector occasioned by the headwinds of the macro-economic environment, the fundamentals of the business remain strong and we are restructuring and repositioning the company to better deal with the challenges of the times and explore emerging opportunities.
UPDC has not disclose how much loss we its shareholders should be expecting. There is no calendar for investors as well.
