FINANCIAL NEWS

Nakheel’s Q1 profit grows to USD98.54m

01 Jun 2012

(MENAFN) Dubai’s Nakheel announced that first-quarter net profit reached USD98.54 million, compared with a loss of USD9.8 million in last year’s same period, reported Gulf News.

The real estate developer said that the delivery of more properties in the quarter boosted the firm’s revenues to USD367 million, up from USD142 million in the corresponding period a year ago.

It added that at the end of March, net assets were at USD6.66 billion, recording a rise of USD272 million from 2011’s same period, whereas overheads grew by USD5.98 million.

It is worth noting that in February, Nakheel, a unit of Dubai World conglomerate, launched the Palma Residence, a project that comprises 102 townhouses, moreover, it launched Palm Views in May, a new mixed-use residential development comprising 192 studio units.

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