Dubai’s state-controlled property developer, Nakheel has reported growth in its first-quarter profit and said it plans to further reduce its debt this year, Bloomberg has reported. Net income climbed 28% to Dhs629m ($171m) from Dhs491m a year earlier year, the developer of Dubai’s palm-shaped islands said. Revenue was Dhs1.37bn, down from Dhs2.19bn last year, Nakheel said. “We are well on course to further reduce our bank debt during 2014, having already paid off a substantial amount of Dhs2.35bn a year and a half before it was due,” Nakheel chairman, Ali Rashid Lootah, said.
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