Union Properties Q4 loss rises fivefold
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Union Properties Q4 loss rises fivefold

Union Properties Q4 loss rises fivefold

Dubai-based Union Properties' has posted a fourth-quarter loss of Dhs778.1m ($211.8m), compared with a loss of Dhs148m in the same period last year, due to losses on valuation of properties, Reuters has reported. The emirate's third largest developer said full-year losses reached Dhs1.53bn ($416.5m), compared with a loss of Dhs498m in 2009. Revenues for the year fell to Dhs2.87bn from Dhs4.39bn while total assets fell to Dhs14.94bn from Dhs17.47bn, the company said.

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