{"id":21114,"date":"2016-07-27T21:02:10","date_gmt":"2016-07-27T14:02:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=21114"},"modified":"2016-07-27T19:10:20","modified_gmt":"2016-07-27T12:10:20","slug":"nakheel-reports-flat-quarterly-profit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-flat-quarterly-profit\/","title":{"rendered":"Nakheel reports flat quarterly profit"},"content":{"rendered":"


\nThe Dubai developer Nakheel said on Wednesday its second-quarter net profit was flat as the Dubai property market remained in the doldrums.Net profit for the three months ending June 30 stood at Dh1.4 billion, the same figure for the same period a year earlier, according to figures published by government-owned Nakheel on Wednesday.Profit in the first six months of the year stood at Dh2.95bn, 4 per cent higher than the Dh2.83bn the company made a year earlier.Nakheel did not provide figures for its turnover during the period or any detailed breakdown of how its profit was achieved. As an unlisted developer, the company is not required to provide detailed accounts of its financial performance.The company said it had handed over 1,177 apartments and villas for sale to customers during the first six months of the year.It said that it was developing about 12 million square feet of shops for lease and 19,000 homes for lease across the city in areas such as Palm Jumeirah, Deira Islands, Jumeirah Village and Warsan Village.The company, which was at the heart of the 2009 Dubai World Crisis, has long been under pressure to increase its recurring revenue portfolio to reduce its exposure to the Dubai property market cycles.”Our encouraging half-year results reflect investor confidence in Dubai and its real estate sector,” said Nakheel’s chairman Ali Rashid Lootah.”Over the next six months we will build on these positive figures with further improvements and better results as we continue with our strategy of creating more cash-generating assets and strengthening our asset base.”House prices in Dubai have been falling for the past two years as the oil price plunge puts pressure on the local economy and the strength of the dirham, which is linked to the US dollar, makes it harder for housebuilders to sell to foreigners paying in weaker, non-dollar linked currencies.Last week the property broker JLL said the United Kingdom’s vote to leave the European Union will delay the Dubai housing market’s recovery by six months.JLL had previously forecast that the residential market in the emirate would start to recover either towards the middle of this year or later.However, with Britons making up the third-largest group of foreign investors in Dubai property and the value of the pound down more than 10 per cent since the Brexit referendum last month, the broker has revised its forecast for next year.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Nakheel reports flat quarterly profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Dubai developer Nakheel said on Wednesday its second-quarter net profit was flat as the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21114","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5uy","jetpack-related-posts":[{"id":53005,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flat-profit-in-first-quarter-for-nakheel\/","url_meta":{"origin":21114,"position":0},"title":"Flat profit in first quarter for Nakheel","date":"April 26, 2017","format":false,"excerpt":"\r Nakheel reported first-quarter profit of Dh1.48 billion, flat on a year earlier, as handovers slowed.The Dubai government-owned property developer reported a profit of Dh1.47bn in the same period last year.Nakheel said that it delivered 412 units to customers during the quarter, compared with 536 a year earlier.The developer said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30675,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-nakheel-reports-22-per-cent-rise-in-profit-for-third-quarter\/","url_meta":{"origin":21114,"position":1},"title":"Dubai's Nakheel reports 22 per cent rise in profit for third quarter","date":"October 19, 2016","format":false,"excerpt":"\r The Dubai-based property developer Nakheel said that its profit rose 22 per cent during the third quarter, reflecting what it described as \"stable market conditions.\"Net income for the three months to the end of September hit Dh955m, compared with Dh781m in the same period last year, but down from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/handovers-lift-nakheel-first-quarter-profit\/","url_meta":{"origin":21114,"position":2},"title":"Handovers lift Nakheel first-quarter profit","date":"April 20, 2016","format":false,"excerpt":"\r \r First-quarter profit at Nakheel increased by an annualised 8 per cent as it opened new shops and hotels and handed over homes.The Dubai government-owned property developer said net profit came in at Dh1.47 billion for the three months to the end of last month from Dh1.35bn a year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3597,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nakheel-reports-19-full-year-gain-despite-fall-in-q4-profit\/","url_meta":{"origin":21114,"position":3},"title":"Nakheel reports 19% full-year gain despite fall in Q4 profit","date":"February 4, 2016","format":false,"excerpt":"\r \r Fourth-quarter profit at the Dubai developer Nakheel fell by 28.7 per cent, company figures show, as Dubai's housing market continued to slow.According to figures provided by Nakheel, profit for the three months to the end of December 2015 fell to Dh770 million from Dh1.08 billion a year earlier.Nakheel,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42559,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-handovers-and-retail-expansion-drive-nakheel-to-record-figures\/","url_meta":{"origin":21114,"position":4},"title":"Property handovers and retail expansion drive Nakheel to record figures","date":"February 1, 2017","format":false,"excerpt":"\r Nakheel, the company that built Palm Jumeirah, yesterday said net profit last year increased by 13 per cent on higher property handovers and retail expansion despite a softening property market in Dubai. The government-owned developer, which was at the centre of the Dubai World crisis in 2009, said that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-developer-nakheel-brings-an-end-to-debt-restructuring-saga-with-dh4-4bn-payment\/","url_meta":{"origin":21114,"position":5},"title":"Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment","date":"August 22, 2016","format":false,"excerpt":"\r Nakheel, the developer of Dubai's palm-shaped islands, has repaid an Islamic bond, bringing an end to its debt restructuring saga.The Dubai government-owned company transferred funds to agent Deutsche Bank to cover the Dh4.4 billion sukuk maturing later this month, chairman Ali Rashid Lootah told reporters in Dubai. The securities,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21114"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=21114"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21114\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=21114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=21114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=21114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}