Union Properties swings to first-quarter profit on lower costs

Union Properties swings to first-quarter profit on lower costs

Dubai-based developer Union Properties swung to a first-quarter profit on the back of lower finance costs as the economy recovers from the coronavirus pandemic.

Net profit for the three months ending March 31 reached Dh5.6 million ($1.52m), compared with a loss of Dh121.9m during the same period last year, the company said in a statement to the Dubai Financial Market, where its shares trade.

Finance costs during the period fell 42 per cent to Dh22.6m and direct costs dropped 6 per cent to Dh77.7m. Administrative and general expenses also fell 15 per cent to Dh25.3m.