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Dubai’s Union Properties Q2 Net Profit Falls 96 Percent
(9 August 2015)

 

Dubai's Union Properties reported a 96 percent slump in second-quarter net profit on Sunday as revenue from property management and home sales shrank and its year-earlier earnings were swelled by property revaluations.

Union Properties made a second quarter net profit of 19.37 million dirhams ($5.3 million), down from 527.36 million dirhams in the corresponding period of 2014, it said in a statement to Dubai's bourse.

The company's quarterly revenue from property management and sales was 19.76 million dirhams. This compares with 48.70 million dirhams in the prior-year period.

The developer's gain on the valuation of properties was 121.41 million dirhams in the second quarter. This compares with a gain of 711.57 million dirhams a year earlier.

Union Properties half-year net profit fell 93 percent to 47.52 million dirhams.

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