Dubai developer Nakheel reports 22 pct decline in Q2 net profit

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Dubai developer Nakheel reported on Wednesday a 22 percent decline in second quarter net profit, according to Reuters calculations.

Nakheel made a profit of $315.8 million (1.16 billion dirhams) in the three months to June 30, compared to 1.48 billion dirhams a year ago, Reuters calculations showed, as the company did not provide a quarterly breakdown.

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Net profit for the first six months of 2017 was 2.64 billion dirhams, down from the 2.95 billion dirhams recorded in the corresponding period of last year, the statement said.

The company did not state its revenue but said the developer handed over 870 land form and built form units to customers in the first half of the year.

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