Dubai's Nakheel Properties on Thursday said it swung to a profit in the first quarter as the developer handed over more properties and it cut costs.
Nakheel, which was at the centre of a debt crisis in Dubai in 2009 when real estate prices crashed, said it made a profit of 362 million dirhams ($98.56 million)in the three months to March 31, up from a loss of 36 million dirhams in the year-earlier period.
First-quarter revenue rose 159 percent to 1.35 billion dirhams.
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