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Nakheel May Try to Refinance Islamic Bonds After Earnings Jump

Published: 23/01/2013 08:24:13 PM GMT
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Nakheel PJSC, the Dubai developer that was rescued by the government in 2009 after a property crash, said it may refinance its Islamic bonds this year (more)

Nakheel PJSC, the Dubai developer that was rescued by the government in 2009 after a property crash, said it may refinance its Islamic bonds this year after reporting a 57 percent increase in annual profit.

The company, which built palm-shaped islands off Dubai's coast, has received offers from local and foreign banks to refinance its sukuk, on which it pays annual interest of 10 percent, Chairman Ali Rashid Lootah said at a press conference in Dubai today. "Refinancing will not be an issue," he said.

Profit rose to 2.02 billion dirhams ($549 million) from 1.28 billion dirhams a year earlier, the company said in a statement. Revenue jumped 91 percent to 7.8 billion dirhams as the company handed over more homes and sold land, Lootah said.


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