Dubai real estate developer Nakheel made a profit of AED1.3bn in 2011, an increase of 33 per cent on the previous year. Revenue for the year was AED4.1bn, compared to AED4.2bn in 2010.
The company said the rise in profits was due to a AED2.7bn impairment loss in 2010, that was not repeated in 2011. Total liabilities fell from AED61bn to AED41bn and the value of its assets rose to AED24bn from AED8bn as a result of agreeing the terms of its debt restructuring, and improving market conditions.
Ali Rashid Lootah, chairman of Nakheel, has said that the company will start publishing quarterly results in order to improve transparency.