DUBAI, July 9 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 percent jump in profit for the first half of this year.
The government-owned company made a net profit of 1.85
billion dirhams ($504 million) in the six months to June 30, up
from 1.20 billion dirhams in the corresponding period of 2013,
it said in a statement on Wednesday.
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
The company said profits were boosted by strong revenue from
property development, as it handed over 627 units to customers
in the period. It did not provide revenue figures.
Nakheel agreed a $16 billion debt restructuring in August
2011, which included $2.2 billion in bank debt, and scaled back
grandiose plans such as building a one-kilometre-high tower.
But last month it said it was gearing up for substantial
growth and planned to repay 5.54 billion dirhams of outstanding
debt to banks four years ahead of the restructuring schedule.
($1 = 3.6728 United Arab Emirates Dirhams)
(Reporting by Praveen Menon; Editing by Andrew Torchia)