Dubai-listed real estate developer Union Properties reported a 36 percent rise in second-quarter net profit on Sunday, boosted by income from liabilities settlements with contractors.

UP made a net profit of 113.26 million dirhams ($30.8 million) in the second quarter of the year, compared with 83.6 million dirhams in the corresponding period of 2012.

The developer made a saving of 80 million dirhams in the quarter on account of liabilities settlements with contractors for certain projects, it said.

Revenue for the quarter was 427 million dirhams against 557 million dirhams in the prior-year period. – Reuters