Oct. 16 (Bloomberg) -- Nakheel PJSC, the state-owned developer planning a kilometer-high tower in Dubai, said first- half profit surged as revenue more than tripled.

Net income for the six-months ended June 30 advanced to 2.83 billion dirhams ($771 million), or 3.42 dirhams a share, from 121 million dirhams, or 0.14 dirhams, a year earlier, the company said today in a statement to the Dubai International Financial Exchange. Revenue rose to 7 billion dirhams from 2.28 billion dirhams.

Nakheel, which has a $980 million Islamic sukuk listed on the DIFX, is spending $30 billion on projects, including islands in the shape of a world map off Dubai's coastline. The Dubai developer is seeking to diversify its income by expanding abroad and moving into property investment management.
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