Union Properties Q3 loss deepens to $123m

11 Nov 2010

(MENAFN) Dubai developer Union Properties said that its third-quarter net loss has tripled it said as revenues more than halved and losses on valuation of properties rose sharply, Reuters reported.

The third largest developer in Dubai made a net loss of $123 million in the three month period ending September 30, compared with a loss of $41.6 million in the same period a year ago, it said in a statement.

Revenues for the quarter fell to $149 million from $355 million while loss on valuation of properties rose to $115 million from $45.6 million, it said.

The company has net current liabilities of $221.6 million, its financial statement showed.

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