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FINANCIAL NEWS
Dubai’s Union Properties swings to profitability in Q3
31 Oct 2012
(MENAFN) Dubai-based Union Properties reported a quarterly profit, as the real estate developer evaded new projects to focus on existing developments, Reuters reported.
The company said it made USD13.6 million net profit during the third quarter, versus USD288.52 million loss a year earlier, according to a Reuters calculation.
The company said it earned USD42.46 million net profit during the first three quarters to September 30, compared to USD408.3 million loss a year ago. This reflected “improved market sentiment in the real estate sector”, it added.
Revenue for the first nine months dropped to USD353.84 million from USD870.99 million a year earlier, as the company booked most revenue from selling its Index Tower and Limestone House developments in 2011, Union Properties said.
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