Abu Dhabi: Union Properties (UPP), the Dubai-listed developer, reported on Wednesday Dh32.3 million in profits for the third quarter of 2016, marking a 71 per cent plunge from the Dh110.7 million recorded in the same period in 2015.
The figure brings profit attributable to the company’s shareholders for the first nine months of 2016 to Dh146 million — down from Dh158.2 million in the same nine months of 2015.
Meanwhile, total income for the third quarter reached Dh253 million, also dropping 23 per cent from the Dh328 million recorded in Q3 2015. Total income for the first nine months of 2016 was down to Dh846.3 million.
The company’s financial results, which were posted to the Dubai Financial Market (DFM) website, also showed a marginal decline in property management and sales revenues, which reached Dh21.3 million in the third quarter of 2016.
Revenues were squeezed by higher direct costs during the third quarter 2016 as they rose five per cent to reach Dh182.7 million.
UPP’s assets increased marginally reaching Dh8.45 billion as of September 30, 2016 — up from Dh8.28 billion at the same time last year.
During the first nine months of 2016, the company sold a 20 per cent equity interest in its existing joint venture Properties Investment for Dh98 million, resulting in a gain amounting to Dh3.9 million recognised in the income statement.
The statements posted to DFM also said Union Properties approved at its board meeting on Tuesday the appointment of Abdul Rahman Ganem Al Mutaiwe’e as a board member replacing Mana Al Mulla.
