Developer Nakheel's H1 profits surge to $770mn

PROFITS SURGE: Nakheel's first-half profits rose to $770 million. (ITP Images)

Dubai government-owned developer Nakheel said on Thursday first-half profit surged to $770.5 million on higher sales, according to a statement on the website of the Dubai International Financial Exchange (DIFX).

Nakheel listed 3.52 billion dirhams of Islamic bonds on the exchange in 2006.

Net income in the first half of 2007 was 121.1 million dirhams, said Nakheel, which competes with Dubai-listed Emaar Properties.

Revenue from sales to external customers surged almost 6.95 billion dirhams from 2.17 billion in the corresponding period last year, Nakheel said.

Last week, the developer revealed plans to build a kilometre-high tower in Dubai to dwarf the Emaar-backed Burj Dubai which will be the tallest tower in the world when it is completed in 2009. (Reuters)

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