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UAE- Damas reports $523m loss

01 Aug 2010

(MENAFN) Damas International Ltd., a Dubai- based jewelry maker and retailer, reported a full-year loss as it set aside money to cover losses from investments and from falling sales, AP reported.

The loss in the 12 months through March was $523 million, compared with a profit of $59 million in the 15 months to March 2009, the company said in a statement to Nasdaq Dubai, without giving a comparable full-year figure.

Damasï¿½ annual revenue declined 31 percent as the sale of gold jewelry fell due to a significant increase in gold prices and a drop in demand from the impact of the global economic crisis, Damas said in the statement.

The company booked one-time charges due to the decline in the value of investments including in joint ventures, as well as slow-moving inventory and overdue money owed to it.

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