Union Properties surmounts 2017 losses

By reporting a ninemonth net profit of Dh145.6 million, Union Properties has managed to put in some distance from last year’s massive losses. The developer behind Motor City, Green Community and Uptown Midriff recorded losses of Dh2.3 billion for the same period in 2017.

Up to end-September, Union Properties had property management and sales revenues of Dh112.3 million, up 46 per cent, the company said in a statement.

Other operating revenues increased to Dh277.9 million during the period, a slight gain from the Dh269.8 million a year ago. Gains from financial instruments were Dh5.7 million compared to Dh1.2 million.

The results also show an increase in total income of 18 per cent to Dh617 million compared to Dh524 million.