Dubai – Mubasher: Union Properties (UPP) on Sunday posted a 324% year-on-year leap in its profits for the first quarter of 2018.

Profits amounted to AED 180 million in Q1-18, compared to AED 42.5 million in the same quarter a year earlier, according to the company’s statement.

For the full-year 2017, the company’s net losses reached AED 2.3 billion versus a net profit of AED 211 million in the year before.

Meanwhile, the company’s revenues declined to AED 640 million for the year ended 31 December 2017, down from AED 960 million during the previous year.