Dubai: Union Properties said on Wednesday it swung into a net loss in 2017 even as revenues fell.
Union Properties reported a net loss of Dh2.3 billion, compared to a profit of Dh211 million. Total revenues fell to Dh639 million in 2017 from Dh962 million, the company said in a statement posted on Dubai Financial Market’s website.
Total assets fell to Dh5.6 billion in 2017, from Dh7.926 billion in the year before period. Shareholders equity fell to Dh2.6 billion in 2017 from Dh5 billion.
Last month, Union Properties sold off its entire stake in Emicool to Dubai Investments for Dh500 million.
Union Properties said in the previous statement it will invest the proceeds from the transaction in enhancing its investment portfolio, expanding its operations and projects, and supporting its growth strategy.
“After finalising the development of the company’s long-term strategy in the second half of last year and following the successful launch of several new projects and subsidiaries, the sale of our entire stake in Emicool is part of our new strategic investment approach,” said Nasset Butti Bin Yousuf, chairman of Union Properties on January 21. Shares of Union Properties fell 1.98 per cent to Dh0.89 on Wednesday.