Union Properties second-quarter net more than doubles

Dubai: Union Properties' second-quarter net profit surged 106 per cent to 317.7 million dirhams ($86.52 million), beating analysts' forecasts.

Union Properties posted a half-year net profit of 556 million dirhams, up 88 per cent from a year earlier, the company said in a statement, without giving quarterly figures. Second-quarter earnings were calculated based on Reuters data.

The earnings exceeded forecasts in a survey last month that ranged from Dh 150 million to Dh187 million .

The company's half-year revenues increased 60 per cent to 1.86 billion dirhams, it said.

It stock, up 21.4 per cent this year to last week's close, dropped 5.6 per cent on Sunday before the results announcement.