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FINANCIAL NEWS
Dubai- Union Properties’ Q1 profit down 2.2%
15 May 2013
(MENAFN) Union Properties announced that its net profit fell by 2.2 percent in the first quarter, reaching USD5.96 million, reported Arabian Business.
The real estate developer, which was hit by the property market collapse in 2009-2010, said that revenue from sales of homes and property management declined from USD43.49 million in 2012’s same period to USD7.02 million.
Meanwhile, quarterly expenses reached USD6.69 million, down from USD9.55 million a year earlier.
It is worth noting that Dubai-based Union Properties posted a profit of USD6.09 million in 2012’s first quarter.
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