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Union Properties posts $135.5 million net loss in 2009

The developer said it made revenues of AED4.4 billion during the year.

February 15, 2010 7:33 by

Dubai-based real estate developer Union Properties announced on Monday that it made a net loss of AED498 million ($135.5 million) last year. In 2008, the company made a net profit of AED763.1 million ($207.7 million).

Union Properties saw revenues of AED4.4 billion (around $1.2 billion) during the year, and its profits before provisions for “contracting and property valuation” reached AED373 million ($101.5 million), it said in a statement on the Dubai Financial Market website.

The developer also said that its total assets equaled AED17.5 billion ($4.7 billion), and that its total shareholders’ equity stood at AED 5.5 billion (around $1.5 billion).

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