Nakheel reports flat Q2 earnings

Dubai developer Nakheel reported flat second-quarter profit growth on Wednesday.
Nakheel made a profit of 1.48 billion dirhams ($402.98 million) 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 2.95 billion dirhams, up from the 2.83 billion dirhams 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 1.7000 units to customers. It also said its retail, residential leasing and hospitality businesses performed strongly and contributed to the first-half results.

Source: Arab News