15 August, 2018

Union Properties reports slim Q2 profit

Motor City developer reports 86 percent decline in quarter-on-quarter profit

15 August 2018
Dubai-headquartered property developer Union Properties on Tuesday reported second quarter profit attributable to shareholders of 24.7 million UAE dirhams ($6.72 million) compared with a loss of 2.29 billion dirhams ($623.4 million) for the same period last year.

Profit for the first six months of 2018 stood at 207 million dirhams ($56.4 million) compared with a loss of 2.24 billion dirhams ($609.8 million) for H1 2017, according to the second quarter and first half financial statement filed with Dubai Financial Market.

However, the developer's quarter-on-quarter profit declined steeply by more than 86 percent. The financial statement also noted that the company is "still preparing the documentation for submitting the updated master community development plan for its flagship Motorcity project to the regulatory authorities for approval".

The new 8 billion dirham masterplan for Motor City was announced in September last year. It will be developed jointly with China State Construction Engineering Corporation (CSCEC).

(Writing by Anoop Menon; Editing by Michael Fahy)

(anoop.menon@thomsonreuters.com)

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