UPDC suffered NGN1.1 billion loss in Q1 2017

UPDC in its financial report said it ended the  first quarter 2017 with NGN1.9 billion revenue in contrast to NGN682.4 million recorded in the financial year 2016.

Its costs if sales for the period was NGN1.7 billion compared to NGN565.3 million recorded in the the year 2016.

The company said its gross profit for the period was NGN181.6 million against NGN117.3 million recorded in the year before. While its operating loss was NGN115.1 million in contrast to NGN154.7 million recorded in 2016.

UPDC said its loss before tax for the period increased to NGN1.1 billion against NGN125.2 million recorded in the year before. After deducting its tax for the period, the company recorded NGN1.1 billion loss for the period against NGN127.7 million recorded in the year before.

UPDC acquired NGN70.7 billion worth of assets compared to NGN70.9 billion recorded in the year 2016. While its total liabilities for the period was NGN37.5 billion against NGN36.8 billion recorded in the year 2016.

For more details on the report, click here>>


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