Union Properties, Dubai's third largest real estate developer by market value, said yesterday its full year net loss more than tripled to Dh1.5 billion from Dh498 million a year ago.
Revenues in the 12-month period almost halved to Dh2.9 billion, from Dh4.4 billion in 2009, the company said in a statement posted on the Dubai Financial Market's website. Earnings per share for 2010 were Dh0.45 compared with Dh0.15 in 2009.
The company made a profit of Dh186 million in 2010, against Dh372 million the previous year. Its total assets reduced to Dh14.9 billion from Dh17.4 billion in 2009 while shareholders' equity decreased to Dh3.9 billion from Dh5.4 billion.
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