Dubai-based Union Properties has recorded a 96% slump in the second quarter net profits value according the company’s report issued last Sunday.
The profits fall goes back to the contracting properties prices and the falling home sales revenues. The company recorded profits of 19.37 million dirhams during the second quarter compared to 527.36 million dirhams during the same period of last year.
Properties valuation in the second quarter reached 121.41 million dirhams depreciating from last-year period valuation which reached 711.57 million dirhams.
The plummeting profits in the second quarter added to the company’s low results during the first half of this year as profits fell by 93% compared to last year and reached 47.52 million dirhams.