Union Prop­er­ties reg­is­ters Dh­s116m rev­enues

The Gulf Today - Business - - UAE -

DUBAI: Union Prop­er­ties on Tues­day re­ported its con­densed con­sol­i­dated in­terim inan­cial re­sults for the com­pany and its sub­sidiaries for the three months end­ing Sept.30, 2017.

The UAE real es­tate de­vel­oper de­liv­ered rev­enues of Dhs116 mil­lion in the third quar­ter of 2017, com­pared with Dhs253 mil­lion for the same pe­riod of last year. Op­er­at­ing ex­penses in the same pe­riod fell to Dh­s161mil­lion, com­pared with Dhs221 mil­lion in Q3 2016.

The de­crease in both rev­enues and op­er­at­ing ex­penses was pri­mar­ily in re­la­tion to the man­aged wind down of Thermo, a sub­sidiary of Union Prop­er­ties that un­der­takes con­tract­ing work.

The com­pany re­ports a net loss of Dhs45 mil­lion for the three months end­ing Sept.30, 2017, com­pared with a net proit of Dhs32 mil­lion in the cor­re­spond­ing pe­riod of last year.

Nasser Butti Omair bin Yousef, Chair­man, Union Prop­er­ties, said: “The third quar­ter of 2017 has seen Union Prop­er­ties con­tinue to take the steps re­quired to achieve sus­tained growth over the long-term. With our op­er­a­tions now re­fo­cused around the com­pany’s new strate­gic di­rec­tion, we are mov­ing for­ward as a stronger and more efi­cient com­pany with the ca­pa­bil­i­ties to seize new op­por­tu­ni­ties both in the UAE and in­ter­na­tion­ally.”

The third quar­ter of 2017 saw Union Prop­er­ties un­veil a new master­plan for its lag­ship Mo­torcity de­vel­op­ment in Dubai with a com­pleted value of more than Dhs8 bil­lion.

It will com­prise of 44 new high and low rise build­ings, more than 150 vil­las, and a wide range of res­i­den­tial, com­mer­cial, en­ter­tain­ment and hos­pi­tal­ity fa­cil­i­ties.

In line with its strat­egy to fur­ther di­ver­sify its op­er­a­tions and rev­enue sources, the quar­ter also saw Union Prop­er­ties launch two new fully-owned sub­sidiary com­pa­nies: Union Malls and Al Eti­had Ho­tel Man­age­ment.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.