Dubai, December 9
Nakheel PJSC, the real estate company
of debt-laden conglomerate Dubai World,
has reported a loss of 13.4 billion dirhams ($3.65 billion)
in the first half of this year.
Nakheel's loss is on account of a steep
fall in the value of land prices and related writedowns.
Dubai World, the parent of the realty firm,
had rattled global markets last months,
after announcing that it would seek six months
additional time to repay debts of $59 billion,
including the Nakheel bonds which are due on December 14.
Currently, Dubai World is looking to restructure
debts of $26 billion, including the bonds
worth about $4 billion.
In a filing to the Nasdaq Dubai Exchange,
Nakheel said the firm and it subsidiaries
incurred a loss of $3.65 billion.
The entity had a profit of 2.64 billion dirhams
in the same period a year ago.
Moreover, Nakheel's revenues plunged
78 per cent to 1.97 billion dirhams in
the first half of 2009.
Source:PTI
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