Union Properties register Dh2b loss in 9 months

Dubai: Union Properties said on Tuesday it registered a surprising Dh2.28 billion loss in the nine months to September due to one time loss on fair valuation of investment properties.

This compares with a net profit of Dh146 million in the nine months of September.

Revenues rose to Dh76 million in Jan-September period as against Dh55 million, the company said in a bourse statement.

In the three months to September, the company made a loss of Dh44 million from a profit of Dh32 million in the year ago period.