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FINANCIAL NEWS
Union Properties net profit down sharply in Q2
10 Aug 2015
(MENAFN) Due to the decline in property management and home sales income, Dubai’s Union properties logged a 96 percent collapse in second quarter net profit.
Net profit for the mentioned period totaled USD5.3 million, falling short from a whopping USD143.5 million in the same time-frame of 2014.
Amid the hard time the company’s going through, quarterly income from its property management sales came to USD5.3 million, which utterly deteriorates from 2014 USD13.2 million revenue.
Things continue to go downhill with the developer’s gain on the valuation of properties which was USD33 million, down from a USD193 million registered last year.
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