Union Properties, the third-largest developer in Dubai, has reported a loss of Dh152.3m ($41.4m) in the third quarter as it increased provisions to cover potential losses on completed projects.

The company, which reported a profit of Dh224.7m in the same period last year, wrote down Dh167m of the value of its rental properties in the period because of a continuing market slowdown. That brought losses on its investment properties for the first nine months of this year to Dh471m compared with a gain of Dh457m for the same period last year.

The National