Dubai’s Union Properties Targets First Dividend Since 2009 - Bloomberg

Dubai’s Union Properties Targets First Dividend Since 2009 - Bloomberg:

"Union Properties PJSC (UPP) may pay its first dividend in five years in 2014 as the Dubai developer heads toward its biggest quarterly profit since 2008, Chairman Khalid bin Kalban said. The shares rose as much as 3.7 percent.
Fourth-quarter profit is expected to reach 300 million dirhams ($81 million), the most since the second quarter of 2008, after the company cut borrowing costs and started projects, bin Kalban said in an interview. Dubai’s smallest publicly traded developer may report annual profit of more than 600 million dirhams, more than triple the 2012 figure, he said.
Union Properties reported a profit for last year after posting net losses totaling 3.6 billion dirhams in the three years through 2011 after Dubai’s property market crashed in 2008. The company sold hotels and swapped assets for debt as it sought to lower financing costs and meet creditor obligations."

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