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Union Properties’ unaudited results show plunge in Q1 profits

Union Properties’ unaudited results show plunge in Q1 profits
Total assets amounted to AED 6.23 billion in Q1
UPP
UPP
1.13% 0.27 0.00

Dubai – Mubasher: Union Properties, listed on the Dubai Financial Market (DFM), has reported its unaudited financial results for the first quarter of 2019.

Profit for Q1-19 attributable to shareholders dropped to AED 1.75 million, compared to AED 182.7 million in Q1-18, according to the company’s financial results statement.

Earnings per share (EPS) stood at AED 0.0004 in the three-month period ended 31 March 2019, versus AED 0.0426 in the prior-year period.

Revenue from contracts with consumers totalled AED 103.05 million in Q1-19, versus AED 115.8 million in the year-ago period.

Total assets amounted to AED 6.23 billion at the end of March 2019, versus AED 6.27 billion as of 31 December 2018.

In 2018, Union Properties had turned profitable with AED 62.3 million in net profit, against losses worth AED 2.73 billion in 2017.