Dubai developer Nakheel, famous for building the palm-shaped islands off Dubai's coast, reported a 47 percent increase in its nine-month net profit on October 08, as revenue from new properties and retail business rose. Nakheel made a net profit of 2.60 billion dirhams ($708 million) in the first nine months of the year compared to 1.77 billion dirhams in the corresponding period of 2013.
The developer's profit for the third quarter was 750 million dirhams against 570 million dirhams in the prior-year period, Reuters calculated based on the firm's financial statements. During the nine months to September 30, Nakheel handed over 956 units to customers, it said.
Nakheel, one of the developers worst hit by Dubai's financial crisis in 2008, has rebounded strongly. Earlier this year it repaid all its outstanding pre-crisis bank debt, worth 7.9 billion dirhams, as much as four years ahead of schedule.
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