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Wed 9 Apr 2014 03:25 PM

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Dubai's Nakheel posts 28% rise in Q1 net profit

Property developer also says it is on course to further reduce its bank borrowing this year

Dubai's Nakheel posts 28% rise in Q1 net profit
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Dubai property developer Nakheel reported a 28 percent increase in first-quarter net profit on Wednesday.

The government-owned company made a net profit of AED629 million ($171.3 million) in the first three months of the year, up from AED491 million in the corresponding period of 2013, it said in a statement.

Nakheel's first-quarter revenue was AED1.37 billion. It did not provide a year-earlier figure.

Nakheel's chairman Ali Rashid Lootah said the developer is on course to further reduce its bank borrowings in 2014, after it paid off AED2.35 billion of bank debt in February, 18 months ahead of maturity.

The company said it will hand over around 1,200 units this year.

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