Union Properties sees profits fall 87% Q109

Dubai-based real estate firm earned AED30m in Q109, down from AED238.35m, Q108.
Union Properties sees profits fall 87% Q109
By Jason Benham
Mon 04 May 2009 09:49 AM

Dubai's Union Properties earned AED30m ($8.17m) in the first quarter, down 87.4 percent from the year-earlier period, it said on Monday.

Net income in the three months to March 31 fell to AED30m compared with AED238.35m in the first quarter of 2008.

EFG-Hermes estimated a net profit of AED200m in a Reuters survey in April.

Last month the firm announced construciton of the $460m Formula One theme park in Dubai's MotorCity had been halted because of liquidity problems.  

Building work at the F1-X theme park would be on-hold for one year, despite the project being more than half complete, the company said at the time.

The theme park was due to open later this year. (Reuters)

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