Dubai-Mubasher: Union Properties posted a 270.4% year-on-year increase in its profits during the second quarter of 2016, according to a bourse statement.
Profits reached AED 71.74 million ($19.53 million) in Q2-16, compared to AED 19.37 million ($5.27 million) in Q2-15.
Revenues went up 19.5% year-on-year to reach AED 379.89 million in Q2-16 due to an increase in contracting and other operating activities by 30% during the same period.
Finance expenses fell to AED 8.2 million in Q2-16 from AED 11.93 in Q2-15.
The company generated profits of AED 113.83 million in H1-16, a 139.5% rise from AED 47.52 million in H1-15. Revenues also advanced 2.9% to AED 593.3 in H1-16, compared to AED 576.38 million from the prior-year period.
In H1-16, finance expenses declined 72% to AED 22.5 million from AED 80.21 million in H1-15.
