Union Properties, the Dubai developer, reported a Dh1bn loss for the third quarter, as the company booked additional provisions amid a sharper drop in the valuation of its properties.
The Green Community and MotorCity builder said revenue for the third quarter rose 75 per cent to Dh955 million, up from Dh545m from the same period a year ago, however it booked AED1.17bn as impairment provisions on the valuation of its properties in the quarter.
The write-down “reflects a cautious management approach over the group’s asset portfolio, particularly in providing against all known contingencies and any anticipated impairment of real-estate assets”, the company said.
Emirates 24|7: Union Properties Q3 loss widens
