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Union Properties Loses $41.5m in Q3
DUBAI — Dubai’s Union Properties made a net loss of Dh152.3 million ($41.46 million) in the third quarter, its second consecutive quarterly loss, blaming lower revenues and provisions against contracting-linked losses.
The third-largest developer in the emirate made a net profit of Dh224.7 million in the third quarter of last year, it said in a statement on the bourse Website on Sunday.
Union Properties booked Dh125 million against contracting losses in the third quarter as the global financial crisis continues to weigh on Dubai’s property and construction sectors.
“This could potentially affect the ability of the group’s contracting related activities to recover fully certain receivables on work done and certified and work done yet to be certified,” it said.
“Accordingly, a provision for an additional amount of Dh125 million has been created for contract receivables to mitigate any potential losses which may be incurred in future.”
Dubai-listed Union Properties’ stock closed one per cent lower at Dh0.97 on Sunday.
“The encouraging thing is that the company’s cash position has increased in Q3 — we’re not really looking at the stock from a fundamental perspective but from one of survival,” says Ali Khan, managing director and head of brokerage at Arqaam Capital. —
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