Union Properties posts Dhs50m in Q3 profit
- United Arab Emirates: Thursday, November 01 - 2012 at 01:45
UAE-based Union Properties has posted a quarterly profit despite a decline in revenue, as the real estate developer stayed away from new projects to focus on existing developments, Reuters has reported. The firm made a third-quarter net profit of Dhs50m ($13.6m), compared with a loss of Dhs1.06bon in the same period of 2011. The company, which reached a Dhs3.8bn debt deal with major shareholder Emirates NBD earlier this year, did not provide quarterly figures. Profit for the nine months to September 30 was Dhs156m versus a net loss Dhs1.5bn a year earlier, the firm said. The increased profit reflected "improved market sentiment in the real estate sector," it added.
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