Union Properties posts Dhs299m H1 loss
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Union Properties posts Dhs299m H1 loss

Union Properties posts Dhs299m H1 loss

Dubai-based property developer, Union Properties has posted a net loss of Dhs299m for the first six months of this year, compared to a net loss of Dhs198m recorded during the same period last year, Gulf News has reported. The higher loss at the net level was attributed to non-cash provision against valuation of properties, reflecting the current real estate market. "However, as the core activities of property development and sale continued to perform well, lower operating costs reflected positively in increased gross margin of 19.5% at the end of H1-2010, up from 14.6% at the end of H1-2009," the developer said.

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