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Union Properties, the UAE based real estate developer, announced on Thursday that it had posted a quarterly profit despite a decline in revenue.
According to a Reuters report, the developer said that it had stayed away from new projects to focus on existing developments. The firm said it made a $13.6mn profit in the third quarter, compared to a loss of $288.59mn in the same period of 2011. 
The company said it had reached a debt deal of $1.03bn with major shareholder Emirates NBD earlier this year. It did not provide quarterly figures of its financial results.
Profit for the nine months to September 30 was $42.4mn versus a net loss of $408.3mn a year earlier, the firm said.
The increased profit was a reflection of ‘improved market sentiment in the real estate sector,’ the report said.
