Dubai's Union Properties sees 96% slump in Q2 net profit

Revenue from property management and home sales shrank to $5.3m
Dubai's Union Properties sees 96% slump in Q2 net profit
By Reuters
Sun 09 Aug 2015 03:19 PM

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.

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