Union Properties posts 3rd consecutive quarterly loss

15 Feb 2010

(MENAFN) Dubai-based developer Union Properties posted a $40.30 million loss in the fourth quarter of 2009, marking its third consecutive quarterly loss on provisions for contracting and property valuation, Reuters reported.

Union Properties, UAE’s third-largest developer by market value, said that it made a net loss of $135.58 million for 2009, but did not disclose a breakdown of its results. The company made a profit before provisions for contracting and property valuation of $101.5 million, according to a statement released on the Dubai bourse’s website.

The firm’s General Manager, Khalid Al-Jarwan, declined to comment about the company’s financial results.

It is worth mentioning that Union Properties suffered a loss of $10.23 million in the fourth quarter of 2008 and made a profit of $207.7 million after provisions for the full year.

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