Dubai – Mubasher: The accumulated losses of Union Properties reached AED 2.142 billion by the end of fiscal year (FY) 2019, representing 49.93% of the company's capital, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

The accumulated losses were driven by a decrease in the fair value (FV) of AED 2.076 billion of investment properties in 2017, as well as an impairment of AED 503 million recorded in the opening balance of retained earnings on 1 January 2016.

To tackle the accumulated losses, the company is developing its land portfolio and creating assets with recurring cashflows.

It is noteworthy to mention that in 2019, the company logged a net loss of AED 218.806 million, against a net profit of AED 62.329 million in 2018.