Dubai-based developer Union Properties (UPP) announced profits of AED 32.3 mn for the third quarter of 2016, marking a drop by 71% compared to the same period last year, according to a statement (pdf) sent by the company to the DFM on Wednesday.

Total income of the company for the third quarter amounted to AED 253 mn, a drop of 23% compared to last year while total income for the first nine months dropped to AED 846.3 mn.

UPP’s total assets rose slightly to AED 8.45 bn, up from the AED 8.28 bn at the same time last year.