Union Properties, a leading developer in the UAE, has reported a net loss of Dh45 million ($12.2 million) for the third quarter compared with a net profit of Dh32 million ($8.7 million) in the same period last year.  
Announcing the results for the three months ending September 30, Union Properties said its revenues too plunged hitting Dh116 million from Dh253 million for the same period last year. The operating expenses in the same period too fell to Dh161million, compared with Dh221 million in Q3 2016.
 
The decrease in both revenues and operating expenses was primarily in relation to the managed wind down of Thermo, a subsidiary of Union Properties that undertakes contracting work, it stated.

Chairman Nasser Butti Omair bin Yousef said: "The third quarter has seen Union Properties continue to take the steps required to achieve sustained growth over the long term."

"With our operations now refocused around the company’s new strategic direction, we are moving forward as a stronger and more efficient company with the capabilities to seize new opportunities both in the UAE and internationally," he added.

The third quarter of 2017 saw Union Properties unveil a new masterplan for its flagship MotorCity development in Dubai with a completed value of more than Dh8 billion.

It will comprise of 44 new high- and low-rise buildings, more than 150 villas, and a wide range of residential, commercial, entertainment and hospitality facilities.

In line with its strategy to further diversify its operations and revenue sources, the quarter also saw Union Properties launch two new fully-owned subsidiary companies: Union Malls and Al Etihad Hotel Management.

Union Malls provides retail and leisure options in Union Properties developments. Its inaugural mall will be The Central a 100,000-sq-m complex located in MotorCity spread over four floors offering shopping retail, dining and a wide range of leisure options.