UP smashes forecasts with 70% rise in profit

Dubai-listed Union Properties said on Tuesday first quarter profit grew 70% to 238.35 million dirhams ($64.90 million), beating analysts' forecasts, on gains from the sale of investments.

The firm posted earnings per share of 0.09 dirhams in the three months ended March 31, up from 0.05 dirhams a year earlier, when net profit was 140.64 million dirhams, it said in a statement on the bourse website.

The earnings exceed forecasts in a net profit survey by newswire Reuters last month that averaged 168.33 million dirhams.

Union Properties made 153.93 million dirhams from selling investment properties "in line with the company's strategy to offload aged assets and change the structure of its investment portfolio", it said, without elaborating. (Reuters)

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