Monday, 5 December 2011

Dubai developer Nakheel reports H1 profit | Alrroya

Nakheel, the Dubai-owned developer whose extravagant projects spurred the emirate's debt crisis, reported a first-half net profit on Monday, as it handed over projects stalled in the aftermath of the property bust.

Nakheel, which built man-made islands shaped like palms and a map of the world, said it had profit of Dh526 million ($143.2m) in the six months to June. It gave no comparison for 2010.

The developer's chairman said in September that Nakheel earned Dh860m in profits in 2010.

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