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Dubai’s Union Properties Q3 Net Profit Drops 26%

Dubai’s Union Properties Q3 Net Profit Drops 26%

The developer made a net profit of Dhs127.93 million ($34.8 million) in the third quarter compared with Dhs171.89 million in the corresponding period of 2013.

Dubai’s Union Properties reported a 26 per cent slump in its third-quarter net profit on Tuesday, as revenue from property management and home sales dropped.

The developer made a net profit of Dhs127.93 million ($34.8 million) in the third quarter compared with Dhs171.89 million in the corresponding period of 2013, the company said in a statement to Dubai’s bourse.

Revenue for the quarter slumped to Dhs445.67 million from Dhs1.22 billion in the prior-year period.

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