UCASU - UC Asset Will Cut Overhead To Increase Net Profit By $200K-300K
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McapMediawire -- UCAsset LP (OTC: UCASU ) management announces that they will cutthe company’s overhead by 30-40% for the year of 2023. This isprojected to increase the company’s net profit by approximately$200,000 to $300,000.
The company set its gross profit goal for the year of 2023 at$1 million. By the end of January, the company has sold a farmland andgenerated about $550,000 gross profit in cash. Therefore, it hasachieved more than half of its annual gross profit goal in the veryfirst month of the year.
Now the management avows to reduce overhead cost, so that moreof its gross profit will become net profit.
Among other things, thecompany will considerably reduce the compensation paid to itsmanagement team, probably by 40%.
“Even before the reduction, our management teamonly receive moderate amount of payment. Last year, management teamreceived approximately $188,000 of compensation from the company,”says Greg Bankston, managing general partner of UC Asset, “Thisyear, we will likely decrease the compensation to our management teamby approximately $70,000.”
“Our management team are committed to long termgrowth of our company. From the conception of UC Asset, our goal hasbeen to build a portfolio of hundreds of million dollars,” assertsLarry Wu, founder of UC Asset. “We are not here working for instantpaychecks. We are working for the long-term goal to build a company ofgreatness, and we are very confident that we will be compensatedeventually for our success.”
The reduction of overhead cost may add an extra netprofit of $0.04 - $0.06 per share. According to its most recent annualreport, the company posted net income of $0.13 per share for the yearof 2021, which represented 400% growth over its $0.03 per share netincome for the year of 2020.
UC Asset had made cash dividend distribution twicein the past 5 years. Last year, it distributed $0.10 per sharedividend to its shareholders.
About UC Asset LP
UC Asset LP is alimited partnership formed for the purpose of investing in real estatewith innovative strategies. For more information about UC Asset,please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995. These forward-looking statements involve known andunknown risks, uncertainties and other important factors that couldcause our actual results, performance or achievements, or industryresults, to differ materially from any these statements. You arecautioned not to place undue reliance on any those forward-lookingstatements. Except as otherwise required by the federal securitieslaws, we undertake no obligation to publicly update or revise anyforward-looking statements after the date of this news release. Noneof such forward-looking statements should be regarded as arepresentation by us or any other person that the objectives and plansset forth in this News Release will be achieved or be executed.
For More InformationContact: IR@UCasset.com
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Larry Wu
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