Dubai's Nakheel H1 profit surges 54%

[DUBAI] Dubai property developer Nakheel, which was a major victim of the emirate's financial crisis five years ago but is now recovering strongly, reported a 54 per cent jump in profit for the first half of this year.

The government-owned company made a net profit of 1.85 billion dirhams (S$625.9 million) in the six months to June 30, up from 1.20 billion dirhams in the corresponding period last year, it said yesterday.

The company did not provide any quarterly figures. However, Reuters calculations showed a net profit of 1.22 billion dirhams in the second quarter compared to 709 million dirhams a year earlier.