Union Properties PJSC, the Dubai- based developer that suspended work on a Formula One-themed park, posted a third-quarter loss as costs increased and the emirate’s real-estate market slumped.
The net loss was 152.3 million dirhams ($41 million), or a loss of 4 fils per share, compared with a profit of 224.7 million dirhams, or 7 fils, in the year-earlier period, according to a company statement to the Dubai bourse today. Revenue for the quarter increased 70 percent to 1.3 billion dirhams, while costs jumped 57 percent to 1.08 billion dirhams.
Dubai, the second-biggest sheikhdom in the United Arab Emirates, in the past year has gone from being the best performer among the 46 markets monitored in the Knight Frank global house-price index to the worst. The slump ended a construction boom that resulted in thousands of houses and apartments being built just as demand started to evaporate.
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