Dubai's Union Properties Q3 net profit slumps 26%

Profit down to $34.8m as revenue from property management and home sales dropped
Dubai's Union Properties Q3 net profit slumps 26%
By Reuters
Tue 11 Nov 2014 10:22 AM

Dubai's Union Properties reported a 26 percent slump in its third-quarter net profit on Tuesday, as revenue from property management and home sales dropped.

The developer made a net profit of AED127.93 million ($34.8 million) in the third quarter compared with AED171.89 million in the corresponding period of 2013, the company said in a statement to Dubai's bourse.

Revenue for the quarter slumped to AED445.67 million from AED1.22 billion in the prior-year period.

For all the latest real estate 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.