Dubai: By reporting a nine-month net profit of Dh145.6 million, Union Properties has managed to put in some distance from last year’s massive losses.
The developer behind Motor City, Green Community and Uptown Midriff recorded losses of Dh2.3 billion for the same period in 2017.
Up to end-September, Union Properties had property management and sales revenues of Dh112.3 million, up by 46 per cent, the company said in a statement.
Dh145.6mUnion Properties net profit for 9 months to September.
Other operating revenues increased to Dh277.9 million during the period, a slight gain from the Dh269.8 million a year ago.
Gains from financial instruments were Dh5.7 million compared to Dh1.2 million.
On the project side, the developer continues to extract more from its Motor City portfolio. This has been expanded to include hotels and extensive retail elements within the location.
The latest “profits were achieved as a result of the Board of Directors’ strategy aiming to expand and enhance recurring revenues and profits from financial investments,” Union Properties said in a statement.
The results also show an increase in total income of 18 per cent to Dh617 million compared to Dh524 million. This income does not include gains or losses on revaluation of investment properties.