Dubai – Mubasher: Union Properties on Tuesday turned to losses in third quarter of 2017, against achieving profits in the year-ago period.
The company suffered losses of AED 45 million ($12.25 million) in Q3-17, against AED 32.3 million ($8.8 million) in Q3-16, according to a statement to the Dubai Financial Market (DFM).
At the level of the first nine months of 2017, the firm turned to losses after suffering AED 2.288 billion losses, against AED 146.14 million profits in the same period in the year earlier.
The company posted a fair value loss on investment properties of AED 2.07 billion from January until September 2017, against profits of AED 165.7 million in the same period in the year before.
The revenues of contracting and other operating activities slid 43% to AED 269.8 million in the nine-month period, from AED 470.2 million during the first nine months of 2016.
