Whopping $62m Q2 loss forwarded by Dubai's Union Properties
A decline in the value of the investment properties had an adverse impact on Dubai-based developer Union Properties, which posted a second quarter loss of AED228m
(US$62.1m) Thursday, compared to a profit of AED317.7m in the year-earlier period.
A net loss of AED197.8m was suffered by the Dubai index heavyweight in the first half of the year, compared to a profit of AED556.1m, on revenue that was unchanged at AED1.86bn.
The value of the firm's investment properties was lowered by the slowing property market by AED304m in the first half.
The company forwarded that it has entered into an agreement to restructure AED956m of its short term debt facilities into longer term facilities after the end of the first half. It said: "Total consolidated bank debt stood at AED6.3bn at the end of the first quarter, implying an overall consolidated debt to assets ratio of 35:65."
Back in July, Union Properties said that the by the end of the year, it will hand over the remaining residential units of its Dubai's Motor City, a 38m sq ft motor sport-themed project.
It had continued: "The firm has already completed more than 850 units within 20 buildings in the Uptown Motor City segment, and 130 townhouses and terraced apartments in Green Community MotorCity."
The company back then had also expressed the hope to complete an 80-storey mixed-use tower and a residential building in the Dubai International Financial Centre
(DIFC), by the end of the year.
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