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Islamic Finance Briefing - Categorized | Finance, Performance more

Nakheel has loss of $3.65 bln in first half

Posted on 09 December 2009

From Bloomberg: Nakheel PJSC, the Dubai World-owned property developer seeking to renegotiate debt, had a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property, according to a document obtained by Bloomberg News.

The loss for the company, which is building palm tree- shaped islands off the emirate’s coast, compared with a year- earlier profit of 2.65 billion dirhams, the company’s financial statement for the six months through June showed. Revenue fell 78 percent to 1.97 billion dirhams……………………………..Full Article: Source

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