Union Properties Reports $123 Million Third-Quarter Loss as Sales Decline - Bloomberg

Union Properties PJSC, Dubai’s third-largest real-estate developer by market value, said its third-quarter loss almost trebled as revenue from property management and sales fell.

The net loss for the quarter widened to 451.8 million dirhams ($123 million) from 152.3 million dirhams a year earlier, while nine-month losses more than doubled to 751 million dirhams, Union Properties said in a statement on the Dubai bourse today. Revenue from property management and sales and other operating activities fell by more than half to 545.2 million dirhams from 1.3 billion in the year-earlier period.

Union Properties halted development work after credit dried up in the financial crisis and more customers defaulted. In 2009, the company reported its first full-year loss and suspended work on F1-X, a Formula One theme park in the MotorCity development at the Dubai Autodrome race track.