Damas posts $1.15m earnings, returns to profit

01 Dec 2010

(MENAFN) Anan Fakhreddin, CEO of Damas International, announced that the company has achieved $1.15 million net profit during its fiscal half ending September, rebounding from a massive loss of $194.2 million, year on year, Arabian Business reported.

According to Fakhreddin, Damas has extended a standstill agreement with the majority of its lenders until the end of December as it restructures debts of around $872 million.

The Dubai-based gold jewellery retailer suffered a major hit during 2009, after attempting to recover $165 million lost in �unauthorized transactions� from its founders, the Abdullah Brothers.

As a result, Dubai�s regulator ordered the firm to dismiss the board and pay fines for failing to exercise proper governance. However, three months after the brothers were dismissed by regulators, Damas appointed them as senior advisers.

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