Union Properties, a leading real estate company based in Dubai, UAE, said it has recorded a net profit of Dh145.6 million ($40 million) for the first nine months of 2018, compared to a net loss of Dh2.3 billion ($626 million) for the same period last year.

Announcing the results for the first nine months, Union said these profits were achieved as a result of the board of directors' new strategy aiming to expand and enhance recurring revenues and profits from financial investments.

The property management and sales revenues increased by 46 per cent to Dh112.3 million, compared to Dh76.7 million for the same period last year. Other operating revenue has also increased to Dh277.9 million, compared to Dh269.8 million for the same period in 2017, said the developer.

Meanwhile, gain on financial instruments increased by 375 per cent to Dh5.7 million in this year, compared to Dh1.2 million for the same period in 2017, it stated.

The Emirati developer said its total income surged 18 per cent to Dh617 million in 2018 from the last year's figure of Dh524 million. This income does not include gains or losses on revaluation of investment properties it added.-TradeArabia News Service