By Ikechukwu Emelike.

UAC property development plc has released its unaudited first quarter results for the period ended March 31, 2008. The company which was quoted as a public liability company on the floor of the Nigerian Stock Exchange on the 6th of October 1997, with UAC of Nigeria Plc holding 46 percent and other 21,000 shareholders holding the remaining 54 percent. Before going public it operated as a property division of UACN plc.

Highlights of the just released result showed that the company was able to grow its turnover for the three months period by 52.37 percent from N1.075 billion in the same period in 2007 to N 1.638 billion in 2008. Profit before tax was also good as it increased significantly by 81.40 percent from N0.301 billion in the first three months in 2007 to N0.546 billion in 2008.
After tax profit for the period under review appreciated by 80.98 percent from N0.205 billion in 2007 to N0.371 in 2008.

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