McapMediawire -- UC Asset LP (OTC: UCASU) management announces that they will cut the company’s overhead by 30-40% for the year of 2023. This is projected 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 and generated about $550,000 gross profit in cash. Therefore, it has achieved more than half of its annual gross profit goal in the very first month of the year.
Now the management avows to reduce overhead cost, so that more of its gross profit will become net profit.
Among other things, the company will considerably reduce the compensation paid to its management team, probably by 40%.
“Even before the reduction, our management team only receive moderate amount of payment. Last year, management team received approximately $188,000 of compensation from the company,” says Greg Bankston, managing general partner of UC Asset, “This year, we will likely decrease the compensation to our management team by approximately $70,000.”
“Our management team are committed to long term growth of our company. From the conception of UC Asset, our goal has been to build a portfolio of hundreds of million dollars,” asserts Larry Wu, founder of UC Asset. “We are not here working for instant paychecks. We are working for the long-term goal to build a company of greatness, and we are very confident that we will be compensated eventually for our success.”
The reduction of overhead cost may add an extra net profit of $0.04 - $0.06 per share. According to its most recent annual report, the company posted net income of $0.13 per share for the year of 2021, which represented 400% growth over its $0.03 per share net income for the year of 2020.
UC Asset had made cash dividend distribution twice in the past 5 years. Last year, it distributed $0.10 per share dividend to its shareholders.
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
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.
For More Information Contact: IR@UCasset.com
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