Nakheel makes $3.65bn H1 loss

Wednesday, December 09, 2009
DUBAI: Troubled Dubai property developer Nakheel made a first half loss of 13.4 billion dirhams ($3.65 billion) as revenues fell and it wrote down the value of land and property, according to a report published on Tuesday.Nakheel, whose parent company Dubai World has requested a six-month standstill on Nakheel’s $3.52 billion Islamic bond maturing next week, had made a profit of 2.65 billion dirhams in the year earlier period, Bloomberg News reported. Revenue fell 78 per cent to 1.97 billion dirhams, the news organisation reported, citing first half financial statements. Nakheel and Dubai World officials declined comment.