Union Properties posts 66% hike in Q1 profit

03 May 2010

(MEANFN) Union Properties said that its first first-quarter profit surged 66 percent, attributing the rise to delivering units in its Motor City development during the three-month period, Reuters reported.

The Dubai-based developer said that its net profit reached $13.62 million in the first quarter of the year, compared to $8.2 million in the corresponding period a year earlier. The firm’s quarterly revenues were $230.3 million, a 48 percent rise over the $155.7 million it reported for the same period last year.

Union Properties, which is hoping to sell its Ritz Carlton hotel in Dubai for nearly $408 million, said that it would be willing to sell any of its projects if it received a fair price.

Earlier this month, Union Properties announced that its shareholders approved the extension of its $110.2 million bridge-loan facility, provided by Emirates NBD to March 31, 2014.

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