Dubai developer Union Properties reported a 2.2 percent drop in first-quarter net profit on Wednesday due to a slump in housing sales.
The Dubai-listed firm made a first quarter net profit of AED21.9m ($5.96m), it said in a bourse statement, slightly lower than AED22.4m it posted in the corresponding period last year.
Revenue from sales of homes and property management plunged to AED25.8m from AED159.8m in the prior-year period.
However expenses reduced to AED24.6m from AED35.1m in the year ago period.
The company was one of many property firms in Dubai that were hit by a property market collapse in 2009-10, which saw home prices plunging by more than half and a large number of projects being put on hold.For all the latest business 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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