Arab Today, arab today union properties suffers dh439m loss in first half
Last Updated : GMT 06:33:06
Arab Today, arab today
Arab Today, arab today

Union Properties suffers Dh439m loss in first half

Arab Today, arab today

Arab Today, arab today Union Properties suffers Dh439m loss in first half

Dubai - Arabstoday

Debt payments and non-cash provisions against valuation of properties have wiped out Union Properties PJSC\'s profits, with the developer reporting a net loss of Dh439 million in the first six months of the year. The results show an increase in loss from Dh299 million in the same period last year. The company attributes the loss to non-cash provisions, but Matthew Green, head of research and consultancy at CB Richard Ellis, a real estate services company, said a key reason was lack of income-generating assets in the company.Union Properties sold off its Ritz-Carlton hotel last year for less than the asking price of Dh1.5 billion, and used some of the money to reduce its debt.The delay in the handover of other properties also means that the company is not making the revenue it would otherwise, Green said, but as projects are completed and the company has more long-term income-generating assets, its outlook would improve. Total consolidated bank debt fell to Dh6.2 billion from Dh6.9 billion in the first half of last year as the company continues to hand over properties in the Index Tower and Limestone House in Dubai Financial Centre. Union Properties also said revenue for the first half of the year increased 44 per cent to Dh2.249 billion from Dh1.558 billion in the same period in 2010.Total shareholder equity reached Dh3.5 billion, while the gross operating profit was Dh415 million, a 37 per cent increase year-on-year. Green also said that as more properties come on the market, Dubai would witness a decline in rents. However, some assets located in areas experiencing high demand would not see much movement. \"It depends on the quality,\" he said.Union Properties said that all segments of the company were performing in line with expectations. From / Gulf News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today union properties suffers dh439m loss in first half Arab Today, arab today union properties suffers dh439m loss in first half

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday