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http://www.arabianbusiness.com/587268-u ... ease-in-q1

Quite a recovery!

Union Properties, Dubai’s third-biggest property developer by market value, said first-quarter profit rose 67 percent as revenue increased from the handover of properties in its MotorCity project.

Net income climbed to $13.6m from $8.2m a year earlier, according to a company statement on the Dubai bourse Sunday. Revenue advanced to $230m from $156m, the company added.

MotorCity is one of Union Properties' largest developments with 3.5 million square metres of land, includes homes, offices, sports facilities and a car racing track.

Union Properties is part-owned by Emirates NBD, the UAE’s biggest bank by assets, which has provided a $110m bridge loan to March 31, 2014.

Last week, it was announced that repayments on the real estate company’s $1.8bn debt, which were due to begin this year, would be delayed until next year.

Union Properties is currently trying to offload its hospitality assets to raise cash. These include the Ritz-Carlton hotel, due to open at Dubai International Financial Centre (DIFC) this month.

The Ritz-Carlton is priced at $408m, and it was reported yesterday that the hotel has attracted at least seven possible buyers.

Strange how that recovery is shortly after they disposed of their MD?

Perhaps there is a sub plot here?



Knight

If that info was coming from Bloomberg or Reuter, it would be beleivable. Arabian business propaganda only convinces the fool.

Give it 2 weeks and a western paper will reverse this too good to be true info.
Reality is this:
Dubai fails to repay its loan http://rds.yahoo.com/_ylt=A0wNdL9X7d5Lh ... d=20601087
Dubai DIFC posts $561M loss
http://rds.yahoo.com/_ylt=A0wNdL807t5Lh ... d=20601087
Emaar will not pay dividends http://rds.yahoo.com/_ylt=A0wNdJwV795L3 ... 18940.html
Deyaar losses
http://rds.yahoo.com/_ylt=A0wNdCYx8N5LA ... drops.html
Dubai Aerospace losses
http://rds.yahoo.com/_ylt=A0wNdJzLBN9L8 ... d=20601087
Losses everywhere....

Dohhhhhhhhhh call me a thickie but a company with a total debt of some 1.8billion cant post a profit until that debt is clear. Profit and loss accounts have to show the gross and net value - union properties technically doesnt have a value because it liabilities exceeds its gross assests.

Motor City pleaseeeeeeeeeeeeeeee - in all probability the only people who completed are those who have paid the vast percentage already, and they need to complete to save losing the lot (contractually) The poor buggers are seriously in negative equity.

Hahahaha oh please what a load of propaganda spin. 13 odd Million against 1.8 Billion?! They're still in the red big time at this stage and delaying their repayments.

It all depends on the accounting tricks used. Its a giant fraud, just like the big financial institutions who abandoned mark-to-market accounting just so that they remain technically solvent.

Its all mark-to-fantasy accounting now! Watch out with what you believe these days.

We read everything.

We believe nothing.



Knight

Not "WE" , Sage beleives it, and boasts about it

capsicum wrote:Not "WE" , Sage beleives it, and boasts about it

Did I say I believed it?, I posted it to see the comments it would harvest, normally much more interesting.

sage & onion wrote:http://www.arabianbusiness.com/587268-union-properties-posts-67-profit-increase-in-q1

Quite a recovery!

Yes you did, you boasted : quote: "quite a recovery!"

define sarcastic = " the bloody sentence which some bloody people will take seriously into bloody consideration will end with a bloody ! "

Sage being sarcastic about Dubai??? that would be a first.

define herve = "a queer french who dressed up in a burka fled to USA and comes on DF to sell his book even though he has billions of dollars lying under his pillow. In short the guys a puffter"

rudeboy wrote:define sarcastic = " the bloody sentence which some bloody people will take seriously into bloody consideration will end with a bloody ! "

Amen