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Union Properties turns to profitability in Q3-20

Union Properties turns to profitability in Q3-20
The company's revenues decreased to AED 90.52m
UPP
UPP
-1.21% 0.41 -0.01

Dubai – Mubasher: Union Properties recorded net profits of AED 509.2 million during the third quarter (Q3) of 2020, against net losses of AED 81.56 million in the corresponding quarter of 2019.

The company's revenues from contracts with customers decreased to AED 90.52 million in the July-September period in 2020 from AED 106.21 million in the year-ago period.

The basic and diluted earnings per share (EPS) stood at AED 0.119 in Q3-20, versus loss per share of AED 0.019  in the same quarter of the earlier year.

In the first nine months of 2020, the company's net profits reached AED 348.78 million, compared to net losses of AED 163.88 million in the same period of 2019.

Meanwhile, the company has logged total accumulated losses of AED 1.793 million for the first nine months in 2020, representing 41.8% of the capital.

The Chairman of the company,  Khalifa Hasan Al Hammadi, said: "Now that we have cleaned and restructured our balance sheet and transformed Union Properties PJSC into one of the most solid and transparent companies listed on the Dubai Financial Market, all our focus will be on our operations and business development."

It is noteworthy to mention that in the second quarter (Q2) of 2020, the company's net losses decreased to AED 38.56 million, compared to AED 84.07 million in the year-ago period.