Nakheel says H1 net profits up by 36%

Nakheel Properties, the indebted state-owned developer, said its first-half profits jumped 36 percent on Monday, buoyed by property handovers on several projects.Nakheel, whose extravagant developments at the height of Dubai’s property boom contributed to the emirate’s debt woes, has been slowly recovering from the crippling real estate collapse.The developer said net profit was AED767m $208.82m in the first six months of the year, up from AED562m in the year-ago period.Revenues rose to AED3.1bn in the first half, up 112 percent from the corresponding period a year ago, it said in a statement.

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