Union Properties posts Dh207m half-year profit

DUBAI

Union Properties posted half-year profits of Dh207.4 million to Dubai Financial Market on Tuesday, compared to a loss of Dh2.2 billion over the first half of 2017.

Revenues for the half were Dh591.6 million, compared to a decline of Dh1.67 billion in H1 2017 — the result of a reduction in value of its investment property of Dh2.1 billion — according to the Dubai-listed firm’s financial report.

Profits for the second quarter were Dh24.7 million, from revenues of Dh261.9 million.

In January the firm sold its investment in Emicool to Dubai Investments for Dh500 million, saying it would reinvest the money as part of a new strategic investment approach.