Nakheel PJSC, the Dubai World-owned property developer seeking to renegotiate debt, had a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property, according to a document obtained by Bloomberg News.
The loss for the company, which is building palm tree- shaped islands off the emirate’s coast, compared with a year- earlier profit of 2.65 billion dirhams, according to its financial statement for the six months to June. Revenue fell 78 percent to 1.97 billion dirhams. A spokesman for Dubai World, Nakheel’s parent, declined to comment.
Dubai World began talks last week with banks to restructure $26 billion of debt, including a $3.52 billion Islamic bond of Nakheel maturing on Dec. 14. Dubai World held talks yesterday with its six main creditors, according to a banker familiar with the negotiations.
The emirate’s coast, compared with a year- earlier profit of 2.65 billion dirhams, according to its financial statement for the six months to June.
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