Union Properties Posts First-Half Profit as It Cuts Debt
Union Properties PJSC (UPP), a Dubai-based developer, posted a first-half profit as it reduces debt and sees improvement in the emirate’s real-estate market.
The profit was 106 million dirhams for the six months ended June 30 after a loss of 439 million dirhams a year earlier, the company said in a statement to the Dubai stock market today. Revenue declined to 1 billion dirhams from 2.25 billion dirhams last year when the company gained from the sale of Index Tower and Limestone House in the Dubai International Financial Centre.
“With the real-estate sector on the path of recovery, together with improved economic indicators in Dubai and the United Arab Emirates, Union Properties is currently evaluating various mid-sized development projects offering shorter turnaround times and reasonable profitability and incremental cash inflows,” according to the statement.
The company repaid more than 200 million dirhams after June 30, it said. The total consolidated bank debt was 3.8 billion dirhams at the end of second quarter, compared with 6.2 billion dirhams in the same period last year.
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