Dubai developer Union Properties reported a 2.2 percent drop in first-quarter net profit on Wednesday due to a slump in housing sales.
The Dubai-listed firm made a first quarter net profit of Dh21.9 million ($5.96m), it said in a bourse statement, slightly lower than Dh22.4m it posted in the corresponding period last year.
Revenue from sales of homes and property management plunged to Dh25.8m from Dh159.8m in the prior-year period.
However expenses reduced to Dh24.6m from Dh35.1m in the year ago period.
The company was one of many property firms in Dubai that were hit by a property market collapse in 2009-2010, which saw home prices plunging by more than half and a large number of projects being put on hold.
-
Dubai defies luxury property slowdown with 5.4 percent rise in prices
Dubai has defied a global slowdown in the luxury property market after witnessing a 5.4 percent rise in prices during the first quarter of this year, ... Property -
Residents fear rising living costs as Dubai property rents spiral
The majority of Dubai residents are concerned about increasing living costs, a survey has found, at a time of rising inflation and spiraling property ... Economy -
Dubai luxury property prices rocket by 20 percent
Luxury villas in Dubai shot up in value by 20 percent last year, in the latest indication that the local property market is recovering after being hit ... Business