iPhone | iPad
Android
Huawei
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
KT APPDOWNLOAD
Union Properties posts profit of Dh106m in H1
Union Properties on Monday declared a net profit of Dh106 million for the first six months of the year compared to a net loss of Dh439 million for the same period last year.
The property developer, which reached a Dh3.8 billion debt deal with major shareholder Emirates NBD earlier this year, did not disclose it quarterly numbers.
The company had second-quarter net profit of Dh83.6 million, according to Reuters calculation based on financial statements. That compares to a loss of Dh520.79 million a year-ago.
“With the real estate sector on the path of recovery, together with improved economic indicators in Dubai and the UAE, UP is currently evaluating various mid-sized development projects offering shorter turn-around times and reasonable profitability and incremental cash inflows,” the company said in a statement posted on Dubai Financial Market website.
Revenue for the six months to 30th June 2012, declared at Dh1.004 billion compared to ADh2.249 billion for 6 months to 30th June 2011, when UP was recognising revenue on sale of Index Tower and Limestone House in DIFC.Despite no new development activities undertaken in the last few years, the company said it continues to generate operating profit, which for the six months to June 30 2012 was Dh6 million.
Net profit for the first six months of 2012 compared to net loss last year is a reflection of improved sentiments in the real estate rental and ownership markets.
Total consolidated bank debt at the end of the first half stood at Dh3.8 billion down from Dh6.2 billion for same period last year, an almost 40 per cent reduction in leverage. This was achieved by focused sale of assets and sale of units in the Index Tower and Limestone House.
More news from
The students' demands range from a ceasefire in Israel's war with Hamas to calls for universities to stop investing in Israeli enterprises
Despite Kohli's flowing form ahead of the T20 World Cup in June, pundits have raised concerns over his strike-rate
Saudi Arabia has begun to explore extracting lithium from sea water
Speaking after meeting Lebanese leaders, French foreign minister says there had been "a lot of progress" over the French proposals
The three-shot winner from Japan says he is aiming to become a member of the PGA Tour in the future
Big-hitting Nienaber falters at the finish to settle for secondwhile former Abu Dhabi resident David Horsey takes the third spot at Saadiyat Beach Golf Club
The UAE is India's second-largest export destination after the US
