"Nakheel PJSC, the builder of artificial islands off Dubai’s coast, said first-half profit climbed 57 percent as the sheikhdom’s improving real estate market fueled demand for the company’s properties.
Net income rose to 1.2 billion dirhams ($327 million) from 767 million dirhams a year earlier, Nakheel said in a statement today. Revenue gained 36 percent to 4.23 billion dirhams.
The state-run company that was bailed out by Dubai’s government in 2009 said it’s completing more residential and retail projects as the property market recovers from a crash that saw prices fall more than 65 percent. The company will be able to pay or refinance as much as half of its $3 billion of debt coming due in 2016 as it generates at least $1 billion from new projects and land sales, JPMorgan Chase & Co. said in a July 4 research note."
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