Union Properties slips into Dh218.8m loss | Property – Gulf News

Union Properties slips into Dh218.8m loss | Property – Gulf News:

Union Properties slipped into losses totalling Dh218.8 million against net profits of Dh62.32 million a year ago.

Bank financing costs related to subsidiaries’ loans “contributed significantly” to achieving net losses last year, “which are currently being settled,” the Dubai headquartered developer said in a statement issued to Dubai Financial Market.

The company instead focussed on the silver lining – that despite the “stagnation” in the real estate sector, the “Group was able to achieve revenues exceeding half a billion dirhams”.

Indeed, revenues were at Dh535.5 million, through down from Dh762.08 million in 2018.