Dubai – Mubasher: Union Properties (UP) on Tuesday reported a 50% rise in its net profit in the first quarter of the year to AED 42.09 million ($11.46 million) from AED 28.15 million ($7.66 million) in the same period in 2015.
Financing expenses were 79% lower year-on-year to AED 14.3 million in Q1-16 compared to AED 68.3 million
Total revenues were down 17.4% to AED 213.41 million from AED 258.48 million in Q1-16.
UP previously posted a profit of AED 434.6 million in 2015, down 50% from AED 865 million in 2014.
