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Dubai's Union Properties reports 2.29b dirham Q2 loss

Published Tue, Aug 15, 2017 · 09:50 PM
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Dubai

SHARES in Dubai-based real estate developer Union Properties plunged on Tuesday after it said provisions taken to cover accounting errors pushed it to a second-quarter net loss of 2.29 billion dirhams (S$852 million).

The firm said it was revising its 2015 financial statements to correct the treatment of 503 million dirhams which was wrongly booked as a fair value gain on a plot of land at Dubai's Motor City, where Union Properties was master developer.

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