Union Properties made its biggest intraday gain in more than a week as the Dubai developer announced a 64 per cent jump in first quarter net profit.
The company in which Emirates NBD holds a 48 per cent stake, said its first quarter net profit for the year climbed to Dh82 million as it handed over properties located in the Dubai International Financial Centre.
The company’s statement, which was made after the market closed, also revealed provisions for loss on valuation of properties of Dh65 million, but otherwise “all segments of the business have continued to perform well in line with expectations.”
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