Dubai-based developer, Union Properties posted a third straight quarterly loss Monday, sending its shares lower. The loss was mainly due to the fact that the developer had to make significant provisions for contracting and property valuation.
Union Properties’ closing price fell 2 per cent to Dh0.49 on Dubai’s bourse yesterday.
According to Reuters, the developer suffered a third quarter loss of Dh148 million.
According to the DFM website, the company reported a net loss of Dh498 million for 2009 compared with a net profit of Dh763.1 million in 2008. It did not provide a breakdown of its results.
Union Properties, one of the United Arab Emirates’ leading property investment developers, started as Union Property Private Limited in 1987 and floated as a public limited company in 1993.
Among the developments of the company are Uptown Motor City, a range of villa projects throughout Dubai, Lime Stone House, Green Community and the 80-storey Index tower.