Dubai: Dubai’s Union Properties said on Sunday, a 96 per cent drop in net profit during the second quarter of 2015, after registering an 84 per cent drop in first-quarter.
The company made Dh19.37 million as net profits during the second quarter of 2015, down from Dh527.36 million in the corresponding period of 2014.
The company’s net profit fell 93 per cent during the first half of 2015. Union properties’ net profit fell to Dh47.52 million during the first half, compared to Dh707.15 million during the preceding year.
The company’s quarterly revenue from property management and sales fell to Dh38.404 million, during the first six month of 2015, compared to Dh64.242 million during the same period in 2014.
The company reported that the gain on the valuation of properties Dh68.018 million in the first half. This compares with a gain of Dh77,937 million in 2014. They said that the gain on the valuation of properties fell to Dh121.05 million during the second quarter period, from Dh711.57 million during the same period in the previous year.
