Dubai's Union Properties reported a 96 per cent slump in second-quarter net profit on Sunday as revenue from property management and home sales shrank and its year-earlier earnings were swelled by property revaluations.

Union Properties made a second quarter net profit of Dh19.37 million ($5.3 million), down from Dh527.36 million in the corresponding period of 2014, it said in a statement to Dubai's bourse.

The company's quarterly revenue from property management and sales was Dh19.76 million. This compares with Dh48.70 million in the prior-year period.

The developer's gain on the valuation of properties was Dh121.41 million in the second quarter. This compares with a gain of Dh711.57 million a year earlier.

Union Properties half-year net profit fell 93 per cent to Dh47.52 million. – Reuters