Dubai – Mubasher: Union Properties on Thursday stated that most of its losses in 2017 can be attributed to the decision taken by the company's board in the second quarter to allocate AED 2.8 billion to cover a reassessment of assets.
This allocation has caused Union Properties to incur a net loss of AED 2.3 billion in Q2-17, the company said in a statement to the Dubai Financial Market (DFM).
The Dubai-listed firm generated AED 640 million in revenues during 2017, down from AED 960 million a year earlier.
Union Properties logged an AED 300 million loss in Q4-17 and an overall loss of AED 2.37 billion in the full year 2017.
