Union Properties H1 2016 net profit reaches $31m
The developer earlier this year secured $26.6m (AED98m) from the sale of a 20% stake in a joint venture it has with Dubai Investments, which now owns 70%
Union Properties recorded a profit of $31m (AED113.8m) in the first six months of 2016, up from $13m (AED47.5m) during the same period a year ago.
Quarterly profits increased to $19.5m (AED71.7m) in this year, from $5.2m (AED19.3m) a year ago, as per the bourse statement.
Total income for the first half reached $161m (AED593.3m), up from $156m (AED576.3m) in the first half of 2015.
Property management and sales revenue touched $9.3m (AED34.4m) in the first half, down from $10.4m (AED38.4m) in 2015.
Contracting and other operating activities rose to $77.4m (AED284.5m) from $74m (AED260.5m) last year.
The developer earlier this year secured $26.6m (AED98m) from the sale of a 20% stake in a joint venture it has with Dubai Investments, which now owns 70%.
Union Properties is taking on a series of new projects at the 3.5 million square metres Motor City master-development, including a new residential project and a four-star hotel, while its retail components such as The Ribbon are complete and in advanced leasing.
Construction of the third phase of the Green Community, which includes 226 units (16 duplex apartments, 210 villas and retail space) is currently under way and is expected to be completed by mid 2017.