Dubai developer says performance boosted by income from liabilities settlements with contractors
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.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.