The third largest developer in Dubai made a net profit of AED82 million ($22.32 million) compared with a profit of AED50 million in the year-before period, it said in a statement to the Dubai bourse.

The developer said the jump in profits was primarily due to ongoing handover of properties at the Index Tower and Limestone House in the Dubai International Financial Center.

It said it booked provisions worth AED65 million for loss on valuation of some properties.

Revenue for the three months to March 31 was AED1.48 billion, up 75 percent from AED846 million in the same period in 2010.

The once-booming property market in Dubai was hit hard by the economic crises, causing a collapse of the real estate market in the emirate.

House prices in Dubai are set to drop another 10 percent before they stabilize, as new units are released onto a market awash with supply, a Reuters house poll showed.

Union Properties finalized the sale of its Ritz Carlton hotel in Dubai for AED1.1 billion in November last year. It used the proceeds to reduce debt and complete remaining projects.

The developer’s shares closed 2.3 percent higher on the Dubai bourse before the results were announced.