Union Properties expects H1 profit to jump fivefold

Dubai's Union Properties expects its profit in the first half of this year to soar to Dh700 million ($191 million), the developer said in a bourse statement on Tuesday.

That would mean a jump of 418 per cent from the corresponding period of 2013 when the company earned Dh135.2 million.

The company did not explain the reasons for the expected rise, but property prices in the emirate have rebounded due to Dubai's renewed economic boom.

Union Properties' first quarter net profit was Dh179.79 million ($48.95 million), up from Dh21.91 million in the same period last year.

Follow Emirates 24|7 on Google News.