Union Properties' profit beats forecasts

by Reuters Monday, 30 April 2007

Dubai-based Union Properties, the UAE's third-largest developer by market value, posted a 24.7% rise in first-quarter net profit on Monday, beating forecasts on higher revenues.

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The company made 140.64 million dirhams ($38.29 million), or 0.06 dirhams per share, in the three months to March 31, compared with 112.77 million dirhams, or 0.05 dirhams per share, in the year-earlier period, it said in a statement on the Dubai bourse website.
The earnings were above analyst forecasts in a Reuters survey last month, which ranged from 83 million dirhams to 127 million dirhams.

Revenues rose 21.2% to 591.67 million dirhams, Union Properties said. Total assets rose 29% to 8.5 billion dirhams, it said.

The company, which develops and rents properties in Dubai, said in March it planned to raise 2.5 billion dirhams in a bank loan to finance projects in Dubai.

Investment bank EFG-Hermes set a price target of 4.49 dirhams for Union Properties in January.

Shares of the company gained 1.64% to 2.48 dirhams on Monday.



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