{"id":12526,"date":"2016-05-10T16:16:22","date_gmt":"2016-05-10T09:16:22","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=12526"},"modified":"2016-05-10T14:27:46","modified_gmt":"2016-05-10T07:27:46","slug":"union-properties-q1-profit-up-50-despite-lower-income","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-q1-profit-up-50-despite-lower-income\/","title":{"rendered":"Union Properties Q1 profit up 50% despite lower income"},"content":{"rendered":"


\nUnion Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower income, the Dubai-listed firm said. Net profit attributable to equity holders in the three months ending March 31 reached Dh42.1 million, up from Dh28.1m in a year-earlier period, the company said in a statement to the Dubai Financial Market. The profit increase was achieved despite a 17.5 per cent decline in total income to Dh213.4m, down from Dh258.5m in a year-earlier period.Revenue from contracting and operations was 7.8 per cent lower at Dh131.7m, and property management and sales revenue was 12.5 per cent lower at Dh16.3m. The developer is planning to launch soon a project containing a hotel and retail units known as The Link, chairman Khalid Bin Kalban said at last week’s launch of Dh450m Oia Residences project in Dubai’s Motor City.”We’re finding it to be a very good time to build because contractor prices are astonishingly good as far as developers are concerned,” he said.He added that although the current market for property sales is “soft”, he expected prices to pick up again next year.”We are riding this cycle and I think the market will rebound hopefully within one year’s time. I think by the end of 2017 it looks positive,” Mr Bin Kalban said.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Union Properties Q1 profit up 50% despite lower income<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Union Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-12526","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-3g2","jetpack-related-posts":[{"id":45718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emirates-reit-reports-lower-profit-as-value-of-portfolio-matures\/","url_meta":{"origin":12526,"position":0},"title":"Emirates Reit reports lower profit as value of portfolio matures","date":"February 27, 2017","format":false,"excerpt":"\r Emirates Reit has reported a 22 per cent drop in profit for 2016 to US$47.8m compared with $61.5m a year earlier, mainly because gains in the value of its property portfolio were not as high in 2015.Overall, the company recorded a 22 per cent increase in total income from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3313,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-profit-plunges-in-dubai-slowdown\/","url_meta":{"origin":12526,"position":1},"title":"Union Properties profit plunges in Dubai slowdown","date":"February 1, 2016","format":false,"excerpt":"\r \r Profits at Union Properties, the Dubai developer behind Motor City and the Green Community, halved last year as the company was hit hard by a slowdown in the emirate's property market.Union Properties reported that net profit for the year sank to Dh434.6 million - down 49.7 per cent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44123,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/signs-of-momentum-for-dubai-property-sector\/","url_meta":{"origin":12526,"position":2},"title":"Signs of momentum for Dubai property sector","date":"February 15, 2017","format":false,"excerpt":"\r Two of Dubai's largest property developers reported on Tuesday a boost in fourth-quarter net profit, prompting further hopes of a Dubai market recovery.Burj Khalifa developer Emaar Properties said net profit for the three months to the end of December 2016 increased by 56 per cent, climbing to Dh1.61 billion\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21488,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-emaar-properties-reports-8-rise-in-q2-profit-now-in-exciting-phase-of-growth\/","url_meta":{"origin":12526,"position":3},"title":"Dubai's Emaar Properties reports 8% rise in Q2 profit, now in 'exciting phase of growth'","date":"July 31, 2016","format":false,"excerpt":"\r Emaar Properties has increased its second-quarter net profit by 8 per cent year-on-year to Dh1.27 billion as revenue climbed by 7 per cent to Dh3.5bn. In the six-month period, net profit was up 12 per cent to Dh2.48bn (H1 2015: Dh2.2bn) as revenue climbed by 11 per cent to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54719,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-sales-lift-emaars-first-quarter-profit\/","url_meta":{"origin":12526,"position":4},"title":"Dubai property sales lift Emaar's first-quarter profit","date":"May 14, 2017","format":false,"excerpt":"\r Emaar Properties' first-quarter profit were lifted by 15 per cent from a year earlier as sales spiked for new residential properties in Dubai.The Burj Khalifa developer said that its net profit was Dh1.38 billion in the first three months of the year, up from Dh1.2bn, as property sales began\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54865,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-positive-amid-tough-market\/","url_meta":{"origin":12526,"position":5},"title":"Damac positive amid tough market","date":"May 15, 2017","format":false,"excerpt":"\r Damac Properties yesterday reported a 16 per cent fall in first-quarter net profit, missing analysts' forecasts, because of lower property development revenue and a sharp drop in income from the cancellation of units. The Dubai-based developer of Damac Hills and Aykon City posted a net income of Dh880 million,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12526"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=12526"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/12526\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=12526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=12526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=12526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}