Dubai – Mubasher: Union Properties (UP) posted a 0.9% year-on-year rise in its net profits during the first quarter of 2017, according to a bourse statement.
Net profits attributable to the equity holders reached AED 42.47 million ($11.56 million) in Q1-17, compared to AED 42.09 million ($11.46 million) in Q1-16.
Total revenues reached AED 267.11 million in Q1-17, up 25.2% from AED 213.41 million in Q1-16.
Revenues generated from contracting and other operating activities reached AED 101.71 million in Q1-17, while gain on sale of investment properties amounted to AED 18.74 million.
Direct costs amounted to AED 180.06 million in Q1-17, up 40% from AED 129.28 million in Q1-16.
