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UP posts AED152.3 million net loss for Q3

Dubai-based developer Union Properties (UP) has posted a AED152.3 million net loss for the third quarter...

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November 15, 2009 2:16 by



Dubai-based developer Union Properties (UP)  has posted a AED152.3 million net loss for the third quarter, according to a company statement to the Dubai bourse on Sunday. Net profit for the same period last year was AED224.7 million.

The developer also posted a 70 percent increase in quarterly revenue to AED1.3 billion and a 57 rise in costs to AED1.08 billion.

UP increased provisions for the quarter to AED125 million in a bid to cover potential losses.



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