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FINANCIAL NEWS
Damas reports net loss $520m in a year
03 Aug 2010
(MENAFN) A statement issued by Jewellery retailer Damas International Limited (Damas) , said that the company reported a full year net loss of $520 million due to a decline in sales, Gulf News reported.
Revenue dropped 31 percent to $898 million in the fiscal year ended March 31, while gross profit fell 33 percent to $153 million in the same period.
The statement said that this decline in profitability was caused by the impact of the global financial crisis, lower consumer confidence and higher gold prices.
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