Dubai's Union Properties reported a 96 percent slump in second-quarter net profit on Sunday as revenue from property management and home sales shrank and its year-earlier earnings were swelled by property revaluations.
Union Properties made a second quarter net profit of AED19.37 million ($5.3 million), down from AED527.36 million in the corresponding period of 2014, it said in a statement to Dubai's bourse.
The company's quarterly revenue from property management and sales was AED19.76 million. This compares with AED48.70 million in the prior-year period.
The developer's gain on the valuation of properties was AED121.41 million in the second quarter. This compares with a gain of AED711.57 million a year earlier.
Union Properties half-year net profit fell 93 percent to AED47.52 million.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.
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