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Dubai’s Nakheel reports USD133.4m profit in Q1

17 Apr 2013

(MENAFN) Nakheel chairman, Ali Rashid Lootah, announced that the real estate developer’s net profit jumped by 36 percent in the first quarter to USD133.4 million, reported Arabian Business.

Lootah added that quarterly revenue surged by 62 percent from 2012’s same period, reaching USD598.8 million.

The indebted state-owned company managed to hand over 770 houses in the 3-month period, and is on target to deliver around 3,000 units this year.

He noted that the company, which is amid a restructuring process, had made interest payments of USD56.07 million to bank lenders by the end of the quarter, and issued USD32.66 million for the fourth tranche of its trade creditor sukuk.

It is worth noting that in 2012’s same quarter, Nakheel posted a profit of USD98.53 million.

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