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FINANCIAL NEWS
UAE- Union Properties posts USD47.8m profit in 2012
21 Feb 2013
(MENAFN) UAE’s Union Properties announced that it logged a net profit of USD47.84 million in 2012, up from a substantial loss of USD424 million a year earlier, reported Gulf News.
However, the developer of Green Community and MotorCity posted a net operating loss of USD8.68 million.
Furthermore, revenues in the year plunged to USD446 million, compared with USD1.33 billion in 2011.
The property developer’s total assets declined to USD2.47 billion last year, from USD2.49 billion in 2011.
It is worth noting that Union Properties has a paid-up capital of USD914 million.
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