Union Properties records a net profit of $39.6m for the first nine months of 2018 after posting big loss a year earlier
Union Properties on Tuesday recorded a net profit of AED145.6 million ($39.6 million) for the first nine months of 2018, compared to a net loss of AED2.3 billion for the same period in 2017.
Profits were achieved as a result of the board of directors' strategy aiming to expand and enhance recurring revenues and profits from financial investments, a statement said.
Property management and sales revenues increased by 46 percent to AED112.3 million, compared to AED76.7 million for the same period in 2017.
Other operating revenue has also increased to AED277.9 million, compared to AED269.8 million for the same period in 2017.
Gains on financial instruments increased by 375 percent to AED5.7 million in this period, compared to AED1.2 million for the same period of 2017.
Last month, Union Properties unveiled Avenue District, a mixed-used urban lifestyle project that is part of its Dubai Motor City phase 2 development.
The developer said the AED2.5 billion ($680 million) flagship project is a "significant milestone", reflecting its promise of delivering best in class community living experiences.
Avenue District will span over two million sq ft, and will feature a mix of residential units, and the flagship One Avenue Mall. The lifestyle-focused retail venue spanning over one million sq ft, will boast a diverse F&B mix, along with entertainment and retail options.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.