Nakheel sees 47% profits

After nine months, Nakheel recorded a sharp hike in profits this quarter - going up 31.6% to AED750 million. The developer said it had handed over 329 new houses to buyers. Nakheel reported a sharp rise in profits for the first nine months of the year as the Palm Islands developer boosted leasing earnings and paid off debt, The National reported.
Profit during the period rose 47% to AED2.6 billion – more than the developer’s entire profit last year, Nakheel said. Third quarter profit rose 31.6% to AED750 million, according to calculations by The National.
The developer said it handed over 329 new houses to buyers this quarter. The total number of homes handed over for the nine-month period stood at 956 - significantly lower than the 1,600 homes Nakheel had said it hoped to hand over this year.
Nakheel, which revealed in March that it was evaluating a possible share sale once it had cleared its debts, paid back its entire bank debt of AED7.9bn in August four years ahead of time, although it still retains a AED4.4bn trade creditor sukuk that falls due in 2016.

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