FINANCIAL NEWS

Damas reports net loss of $517m

02 Aug 2010

(MENAFN) Gulf News reported that Jewellery retailer Damas International Limited (Damas) made a full year net loss of $517.2 milion due to a drop in sales and after it allocated $517.2 million for outstanding receivables.

Damas said its revenue dropped 31 percent to $898 million in the fiscal year ended March 31, while gross profit fell 33 percent to 1253 million in the same period.

It blamed the impact of the global financial crisis, lower consumer confidence and higher gold prices for the decline in profitability.

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