Dubai developer Nakheel's Q1 net profit rises 28pc

April 09, 2014 - 2:21:45 pm

DUBAI: Dubai property developer Nakheel reported a 28 percent increase in first-quarter net profit on Wednesday.

The government-owned company made a net profit of 629 million dirhams or $171.3 million in the first three months of the year, up from 491 million dirhams in the corresponding period of 2013, it said in a statement.

Nakheel's first-quarter revenue was 1.37 billion dirhams. 

It did not provide a year-earlier figure. 

Nakheel's chairman Ali Rashid Lootah said the developer is on course to further reduce its bank borrowings in 2014, after it paid off 2.35 billion dirhams of bank debt in February, 18 months ahead of maturity. 

The company said it will hand over around 1,200 units this year. (Reuters)