Dubai's Nakheel achieved a 4 percent rise in third-quarter net profit, Reuters calculations showed, after the state-owned developer announced its nine-month results on October 21. Nakheel, which agreed a $16 billion debt restructuring in August 2011, made a profit of 3.61 billion dirhams ($982.87 million) in the nine months to September 30, up from 2.6 billion dirhams a year earlier, it said in a statement.
The company, one of the developers worst hit by Dubai's real estate crash, did not state its revenue or reveal other financial details, but said the profit jump was mainly due to the handover of completed homes to buyers, plus its "growing retail, leasing and leisure businesses".
Nakheel made a third-quarter profit of 780 million dirhams, up from 750 million dirhams in the prior-year period, Reuters calculated based on its previous financial statements.
"Our strategy of continuing to create more cash-generating assets will further boost our business and financial results in the coming years," Nakheel chairman Ali Rashid Lootah said in the statement.