Indebted Dubai state-owned developer Nakheel Properties reported a 33-percent rise in 2011 profit on Monday and said that it anticipated an improvement in the struggling real estate sector.
Nakheel reported a net profit of 1.3 billion dirhams ($353.93 million) last year, up from 1 billion dirhams in 2010. Revenues rose to 4.1 billion dirhams, a company statement said. Total liabilities fell to 41 billion dirhams last year from 61 billion dirhams in 2010.
"The market is picking up so there was no need for impairments (in 2011)," Chairman Ali Rashid Lootah told
reporters.
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