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FINANCIAL NEWS
UAE’s Nakheel posts 54 percent growth in net profit
10 Jul 2014
(MENAFN) Dubai property developer Nakheel has posted a 54 percent rise in profit for the first six months of the current year, according to Gulf Daily News.
Net profit of the government-owned company was estimated at USD504 million during the period compared to USD326 billion in the same period 2013.
The company said that its profits resulted from strong revenue from property development, as it handed over 627 units to customers in the period.
Nakheel also agreed a USD16 billion debt restructuring in August 2011, which included USD2.2 billion in bank debt, and scaled back grandiose plans.
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