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Union Properties incurs AED 300m loss Q4

Union Properties incurs AED 300m loss Q4
Union Properties’ revenue dropped 33.5% in 2017
UPP
UPP
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Dubai – Mubasher: Union Properties on Wednesday posted an AED 300 million net loss in the fourth quarter of 2017.

The Dubai Financial Market (DFM) listed company recorded a net loss of AED 2.37 billion in the last four quarters, according to a bourse statement.

Union Properties’ revenue dropped 33.5% to AED 639.83 million in 2017 from AED 962.05 million a year earlier, the company’s data showed.

The UAE-based developer’s assets plunged 30% to AED 5.61 billion last year versus AED 8 billion in 2016.