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UAE- Damas profit up USD14.5m

01 Aug 2011

(MENAFN) Damas International Limited’s chairman Ibrahim Belselah said that Damas registered a net profit of USD14.5 million for the financial year to the end of March, which is considered to be a great achievement for the company after reporting a loss of USD544 million, reported Arabian Business.

The chairman added that the company followed a successful financial restructuring plan that was set by banks and financial institutions for Damas’ support.

Damas’ CEO, Anan Fakhreddin, said that the management focus of the past financial year has been on stabilizing the business, and a lot of progressive reforms were implemented to this effect.

Fakhreddin also said that these plans enabled the company to strengthen its market share and achieve about USD803 billion in sales during the current financial year.

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