A handover of projects helped Nakheel report a profit of Dh526 million (US$143.2m) for this financial year, the Dubai developer says.
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Revenues were Dh1.5 billion, mainly driven by the completion of development properties in several projects, it said yesterday.
The developer said other business segments including retail and leasing also contributed positively to the results, but it did not provide detailed financial information.
"The company has remobilised a number of its construction sites where work is progressing as per its business plan," Nakheel said.
"The financial results of Nakheel are also indicative of a relatively more stable real estate market in Dubai where Nakheel is a dominant player and will continue to strengthen its position with the passage of time."
Nakheel has been rebuilding its business over the past two years after a downturn in Dubai's property market caused the value of its projects to plummet.
After the completion of a debt restructuring in August, Nakheel is now owned by the Dubai Financial Support Fund, a body set up to distribute $20bn of investment from Abu Dhabi and the UAE Central Bank.
The firm did not provide financial data to compare its performance with last year.
But figures contained in an Islamic bond prospectus released in August show Nakheel made a profit of Dh58.2m in the first six months of last year.
That followed a loss of Dh76.6bn during 2009.
Nakheel issued Dh3.8bn of Islamic bonds to its contractors and suppliers in August as part of a Dh8.5bn scheme.
The company plans to issue a Dh1bn sukuk before the end of the year under its restructuring deal with trade creditors.
