The third largest developer in Dubai suffered a net loss of 778.1 million dirhams ($211.8 million) in the fourth quarter, compared with a loss of 148 million dirhams in the same period last year, Reuters calculations showed.

It did not report a fourth-quarter earnings figure, which Reuters calculated from previous financial statements.

The loss fell well short of an analyst forecast of 219.6 million dirhams profit in a Reuters survey in January.

Union Properties fell into the red for the year by 1.53 billion dirhams ($416.5 million), compared with a loss of 498 million in 2009, it said in a statement on Dubai’s bourse website.

Revenues for the year fell to 2.87 billion dirhams from 4.39 billion while total assets fell to 14.94 billion from 17.47 billion, the developer said.

Property firms in the UAE have suffered from poor earnings results in the fourth quarter, with Dubai’s Emaar Properties reporting a 62 percent drop in profit from impairments and provisions.

Abu Dhabi’s largest developer by market value Aldar Properties reported its largest-ever quarterly loss earlier in February as it booked massive write-downs on its assets.

Union Properties finalized the sale of its Ritz Carlton hotel in Dubai for 1.1 billion dirhams in November last year. It used the proceeds to reduce debt and complete remaining projects.

The developer’s shares closed unchanged from the previous day earlier on Tuesday.