Nakheel reports 2010 profit of $234.1m

Nakheel made a 2010 profit of Dh860 million ($234.1 million) and expects to post a profit this year as it revamps its operations following the $16 billion debt restructuring, its chairman, has said.

Ali Rashid Lootah told the Arabic language daily, Al Khaleej on Sunday that the rise in profit was due to an increase in the company’s activities.

“Nakheel’s announcement of its profits is an important step … towards fulfilling our promises to our clients and strategic partners,” he said.       Lootah also said that revenue was up in 2011 based on a 10-to-15 per cent increase in the management and leasing of fully-owned assets as well as a rise in occupancy rates of residential units.

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