Dubai – Mubasher: Union Properties has announced a significant decline of 45.6% in its net profit for the year 2014 compared to figures from 2013.

In a filing to the Dubai Financial Market (DFM), the construction firm reported a net profit of AED 858.57 million ($233.74 million) during the year ended December 31, 2014 against AED 1.58 billion ($430 million) during the same period the year before.

Earnings per share (EPS) retreated from AED 0.45 in 2013 to AED 0.24 in 2014.

Moreover, Union Properties’ revenues during the year dropped to AED 2.06 billion against AED 4.66 billion in 2013.

It is worth noting that the Company had previously reported a massive surge of 171.6% in its profit for the first nine months of 2014. This rise was supported by a decline in costs added to rising profits from property evaluation. However, third quarter financials saw a 25.6% drop.

Union Properties’ capital amounts to AED 3.535 billion distributed on 3.535 billion shares at par value AED 1 per share.

Photo Credit: Arabianeye-Reuters