Nakheel posts 28% profits increase in Q1

Property developer made net profit of $171.3mn in first three months

NEWS, Business, NAKHEEL, Profit

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.


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