Dubai – Mubasher: Union Properties (UP)  posted a 70.8% year-on-year decline in its profits during the third quarter of 2016, according to a statement.

Profits reached AED 32.31 million ($8.8 million) in Q3-16, compared to AED 110.66 million ($30.13 million) in Q3-15.

Revenues declined to AED 252.96 million in Q3-16, compared to AED 327.96 million in Q3-15.

Financing costs fell to AED 13.39 million in Q3-16, compared to AED 13.18 million in Q3-15.

The company generated profits of AED 146.15 million in the first nine months of 2016, down 7.6% from AED 158.17 million in the prior-year period.