Damas Apr-Sep net profit hikes 524%

28 Nov 2011

(MENAFN) Damas International said that during the six-month period that ended September, the firm’s net profits surged 524 percent to USD7.21 million from USD1.14 million in 2010’s same period, reported Emirates 24/7.

The Dubai-based jeweler added that during the period, the firm booked profits of USD40 million from sales of gold and bullion jewelry, recording an increase of 85 percent from USD21.7 million in last year’s same period.

It also said that the company’s sales of pearl jewelry hiked 40 percent from USD3 million in 2010’s same period to USD4 million.

It is worth noting that in May, Damas announced a USD816 million restructuring of its bank borrowings, under which, banks agreed to separate Damas’ total borrowings into three tranches, with the first tranche of USD297 million to be repaid in quarterly installments of USD12.4 million each over the next six years.

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