ATLANTA, Aug. 21, 2023 /PRNewswire/ -- UC Asset LP (OTCQB: UCASU) filed its Form 1-SA today, reporting a net profit of approximately $0.06 per share for the first half of the year 2023. It also reported 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.
"Our goal is to achieve more than $0.10 per share net profit for the whole year," said Jason Armstrong, manager of UC Asset. "Particularly, our investment in cannabis properties will start to generate income this month. As far as we know, we are one of the only four SEC-reporting public companies which invest in cannabis properties. This means that we are investing in a niche with less competition, and probably will produce higher investment return."
"Our revenue increased by $2.3 million, which means our business has likely returned to the track of a fast growth," Armstrong added. "We have several possible deals under negotiation, and we may see more revenue in the second half of the year."
Armstrong also expressed satisfaction about the company's achievement in cutting costs: "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. "
"Our operating expenses decreased significantly across the board (except for depreciation) for the first half of 2023, compared to the same period in 2022. 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."
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.
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SOURCE UC Asset LP
