(MENAFN) Dubai developer Nakheel reported a 53 percent increase of its net profit in the first six months of the year as it delivered finished properties and expanded its other business units, Arab News reported.
Nakheel announced in a statement that it has made a net profit of USD770.49 million in the six-month period to June 30, up from USD503.6 million registered in the year-ago period.
The company did not state its revenue or reveal other further financial details, but said the profit jump was mainly due to (the) continued strong performance by Nakheel's development business.
The firm was one of the developers which were hit badly by Dubai's real estate crash, with consultant Cluttons projects hit of 49 percent prices between the third quarter of 2008 and the second quarter of 2009.
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