UPDC Loss Widens to N2.51bn in Nine Months as Revenues Slide 75%

UPDC a property investment firm recorded a loss of N2.51 billion in the 9months period to September 2020.

Revenues fell by 75 percent to N458 million in September 2020, from N1.89 billion in the earlier 2019 period.

The firm recorded a gross profit of N107.9 million which was eroded by administrative expenses of N503 million.

Finance costs came in at N1.3 billion down from N2.21 billion in 2019, but it was unable to move the needle on the bottomline.