Union Properties, the Dubai-based developer, has announced a profit of $6.7 million attributable to shareholders for the second quarter of the year, as compared to a loss of $623.4 million in the same period last year.

In an announcement about the results for the six-month period, Union Properties said that profit for the first half of 2018 stood at $56.3 million, as compared to a loss of $609.8 million in H1 2017. However, the quarter-on-quarter profit dropped to over 86%.

As part of its strategy to diversify operations and revenue sources, Union Properties said that it had established two fully-owned subsidiaries last year – Union Malls, which offers retail and leisure options in Union Properties developments; and Al Etihad Hotel Management, which develops and manages luxury hotels and furnished residences in Dubai.

Furthermore, it has also set up a new investment arm – UPP Capital Investment – which comes within the framework of the real estate group’s diversification strategy, it added.