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Nakheel plans to reduce debt further

: Thursday, April 10 - 2014 @ 11:25

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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Thursday, April 10- 2014 @ 11:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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