January 31, 2018 / 12:38 PM / 23 days ago

Dubai developer Nakheel's Q4 profit up 58 pct

DUBAI, Jan 31 (Reuters) - Dubai developer Nakheel reported a 58 percent increase in fourth-quarter net profit on Wednesday.

The developer behind Dubai’s palm-shaped islands made a net profit of 1.67 billion dirham ($454.8 million) in the October-December period, up from 1.06 billion dirham in the same year ago period.

Annual net profit grew 14 percent to 5.67 billion dirham, according to a company statement.

Nakheel handed over 1,439 units in 2017, and said that its retail, hospitality and leasing business continued to perform well. It did not elaborate.

The state-owned developer did not report its revenue. ($1 = 3.6719 UAE dirham) (Reporting by Alexander Cornwell; Editing by Saeed Azhar)

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