Union Properties posts 36% rise in Q2 net profit

Dubai developer says performance boosted by income from liabilities settlements with contractors
Union Properties posts 36% rise in Q2 net profit
By Reuters
Sun 04 Aug 2013 02:46 PM

Dubai-listed real estate developer Union Properties reported a 36 percent rise in second-quarter net profit on Sunday, boosted by income from liabilities settlements with contractors.

UP made a net profit of AED113.26m ($30.8m) in the second quarter of the year, compared with AED83.6m in the corresponding period of 2012.

The developer made a saving of AED80m in the quarter on account of liabilities settlements with contractors for certain projects, it said.

Revenue for the quarter was AED427m against AED557m in the prior-year period.

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