UAE’s Union Properties Q3 net loss up to USD288.6m

15 Nov 2011

(MENAFN) UAE’s Union Properties said that net loss during the third quarter reached USD288.6 million, compared with a loss of USD122.9 million in 2010’s same period, reported Emirates 24/7.

The company added that the increase in the loss resulted form the booking of additional provisions that reached USD318 million on the valuation of the firm’s properties in the third quarter.

It also said that in order to finish its current projects, Union Properties managed to get USD734 million loan facility from a group of banks, including one of its largest shareholders.

It is worth noting that during the quarter, revenues of the Dubai-based company grew to USD259.9 million from USD148.3 million a year ago.

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