Debt-Ridden Developer Nakheel Posts Q1 Profit

Dubai developer Nakheel Properties on Thursday said it swung to a profit in the first quarter as the developer handed over more properties and it cut costs.

Nakheel, which was at the centre of a debt crisis in Dubai in 2009 when real estate prices crashed, said it made a profit of AED362m (US$98.56m) in the three months to March 31, up from a loss of AED36m in the year-earlier period, arabian business reported.

First-quarter revenue at the firm behind Dubai’ Palm Jumeirah rose 159 percent to AED1.35bn.