Dubai developer Nakheel reports flat Q2 profit growth

Net profit for the first six months of 2016 was up 4 per cent



Dubai developer Nakheel reported flat second-quarter profit growth on Wednesday.

Nakheel made a profit of Dhs 1.48bn ($402.98m) in the three months to June 30, the same as a year earlier, Reuters calculations showed, as the company did not provide a quarterly breakdown.

Net profit for the first six months of 2016 was Dhs 2.95bn, up 4 per cent from the Dhs 2.83bn recorded in the corresponding period of last year, the statement said.

The company did not state its revenue or reveal other financial details but said the developer handed over 1,177 units to customers.

It also said its retail, residential leasing and hospitality businesses performed strongly and contributed to the first-half results.