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FINANCIAL NEWS
Dubai’s Union Properties posts USD435m net loss in 2011
02 Feb 2012
(MENAFN) Union Properties, the Dubai developer, said that due to dropping property prices in the emirate, in 2011, the company made a net loss of USD435 million, reported Gulf News.
In the period, revenue reached USD1.33 billion, up from USD789 million a year earlier, whereas net operating profit grew marginally.
It also said that total assets declined to USD2.47 billion, on the other hand, shareholder equity also went down to USD653 billion.
It is worth noting that as part of a USD1 billion debt deal, Union Properties transferred around USD299 million of assets to Emirates NBD, its major shareholder.
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