Dubai's Union Ppties 1H Net Loss Widens To AED439M On Ppty Provisions

Thursday, Aug 11, 2011

DUBAI (Zawya Dow Jones)--Union Properties, the Dubai-based real-estate company that is 48% owned by Emirates NBD (EMIRATES.DFM), said Thursday its first-half net loss widened to 439 million U.A.E. dirhams ($120 million), from AED299 million a year ago, as it wrote down the value of its property portfolio.

According to Zawya Dow Jones calculations, the property company made a second-quarter net loss of AED521 million. The company made a loss of AED349.4 million a year ago, according to Zawya.com.

The latest quarterly result was worse than the AED413 million loss that analysts at Cairo-based EFG-Hermes had predicted.

Union Properties said revenue in the first six months of the year surged 44% to AED2.2 billion, while total assets stood at AED13.4 billion at the end of June. Total consolidated bank debt amounted to AED6.2 billion, down from AED6.9 billion at the end of June 2010.

Union Properties shares closed trading Thursday 3.5% higher at AED0.38 in a slightly positive overall market.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com

(END) Dow Jones Newswires

11-08-11 1133GMT