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Dubai developer Nakheel's Q3 profit up 42 pct
October 25, 2017 / 9:50 AM / in 24 days

Dubai developer Nakheel's Q3 profit up 42 pct

DUBAI, Oct 25 (Reuters) - Dubai developer Nakheel reported a 42.4 percent increase in third quarter net profit on Wednesday, Reuters calculations showed.

The developer behind Dubai’s palm-shaped islands made a 1.36 billion dirham ($370.28 million) profit in the July-September period, up from 955 million dirhams, Reuters calculated based on a nine-month earnings statement.

It made 4 billion dirham profit for the nine months to September 30, up 2.3 percent, the state-owned developer said.

Nakheel did not report its revenue. It said it has over 23,200 residential units under construction across Dubai.

Chairman Ali Rashid Lootah told Reuters in July the company would report a rise in 2017 profit from the 4.96 billion dirhams it made in 2016.

$1 = 3.6729 UAE dirham Reporting by Alexander Cornwell; editing by Jason Neely

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