Dubai – Mubasher: Union Properties (UP) on Tuesday said it turned to losses in the second quarter of 2017, against profits in the same period in the year before.
The Dubai-based developer's losses reached AED 2.29 billion ($623 million) in Q2-17, against profits of AED 71.74 million ($19.5 million) in the same period in 2016, according to a filing to the Dubai Financial Market (DFM).
The company attributed turning to losses to appropriating provisions of AED 2.8 billion.
At the level of the first six months of 2017, the company also suffered AED 2.24 billion in losses, against AED 113.83 million profits in H1-16.
