Nakheel posts 28% profits increase in Q1
Property developer made net profit of $171.3mn in first three months
Dubai property developer Nakheel has reported a 28% increase in first-quarter net profit.
The government-owned company, which awarded construction contracts worth over AED500mn ($136mn) last month, made a net profit of AED629mn ($171.3mn) in the first three months of the year, up from AED491mn ($133.6mn) in the corresponding period of 2013, it said in a statement.
Nakheel's first-quarter revenue was 1.37bn ($372mn).
News agency Reuters reported that Nakheel's chairman Ali Rashid Lootah said the developer is on course to further reduce its bank borrowings in 2014, after it paid off AED2.35bn ($639mn) of bank debt in February, 18 months ahead of maturity.
The company said it will hand over around 1,200 units this year.