Union Properties registers Dhs116m revenues
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.