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.
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