Dubai’s Union Properties net profit down 26 percent in Q3
11 Nov 2014
(MENAFN) Dubai’s Union Properties announced it has registered a decrease by 26 percent in its net profit during the July-September period of this year, due to a drop in revenue from property management and home sales, Arab News reported.
During the third quarter of this year, the developer registered a net profit of USD34.82 million compared with USD46.79 million posted in the corresponding period of 2013.
Meanwhile, the company’s revenue for the third quarter declined to USD121.32 million in comparison with USD332.12 million registered in the same period last year.
The announcement of the company’s third quarter financial results come after the company made some amendments following Union’s board rejection of the initial figures calculated by the company.