Union Properties posted a quarterly profit on Wednesday despite a decline in revenue, as the real estate developer stayed away from new projects to focus on existing developments.
The Dubai-listed firm made a third-quarter net profit of 50 million dirhams ($13.6 million) compared to a loss of 1.06 billion dirhams in the same period of 2011, according to a Reuters calculation.
The company, which reached a 3.8-billion dirham debt deal with major shareholder Emirates NBD earlier this year, did not provide quarterly figures. Profit for the nine months to Sept. 30 was 156 million dirhams versus a net loss 1.5 billion dirhams a year earlier, the firm said in a statement.
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