January 19, 2014 / 8:02 AM / 4 years ago

Dubai's Nakheel posts 27.2 pct 2013 profit gain

DUBAI, Jan 19 (Reuters) - Dubai property developer Nakheel reported a 27.2 percent rise in full-year profit on Sunday, as the firm continued to benefit from the emirate’s resurgent real estate market.

Nakheel made a net profit in 2013 of 2.57 billion dirhams ($700 million), compared with 2.02 billion dirhams in the previous year, it said in a statement.

Revenues also boomed in 2013, growing 20.5 percent to 9.4 billion dirhams.

Nakheel plans to launch new projects worth between 6 billion and 8 billion dirhams in 2014, Ali Rashid Lootah, the firm’s chairman, said at a news conference. ($1 = 3.6730 UAE dirhams) (Reporting by Matt Smith; Writing by David French; Editing by Andrew Torchia)

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