Nakheel 9-month net jumps 47%

Dubai developer Nakheel, famous for building the palm-shaped islands off Dubai's coast, reported a 47 per cent increase in its nine-month net profit on Wednesday, as revenue from new properties and retail business rose.

Nakheel made a net profit of Dhs 2.60 billion ($708 million) in the first nine months of the year compared to Dhs 1.77 billion in the corresponding period of 2013.

The developer's profit for the third quarter was Dh750 million against Dh570 million in the prior-year period, Reuters calculated based on the firm's financial statements.

During the nine months to Sept. 30, Nakheel handed over 956 units to customers, it said.

Nakheel, one of the developers hit by the financial crisis in 2008, has rebounded strongly. Earlier this year it repaid all its outstanding pre-crisis bank debt, worth Dhs 7.9 billion, as much as four years ahead of schedule.

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