Damas International Limited (Damas), the leading jewellery retailer in the Middle East, announced today its financial results for the six months ending September 30, 2010, demonstrating the strength of its core operations and signaling its clear growth trajectory.
For the six months ending September 30, 2010, Damas reported a net profit of AED 4.24 million, a major turnaround from the same period in 2009, when the company posted a significant net loss due to the impact of impairment provisions.
“Today, we mark a new beginning at this century-old firm, which remains the leading jewellery retailer in the Middle East,†said Anan Fakhreddin, Chief Executive Officer, Damas International Limited. “We are extremely pleased with our financial performance during the most recent reporting period, and will continue to focus on ensuring the company’s ongoing growth.
“As we move towards the conclusion of our financial and operational restructuring, Damas is strongly positioned to take advantage of improved growth,†Fakhreddin added. “As today’s announcement demonstrates, Damas has put the past behind it. The company’s fundamentals are robust, and we are looking to the future with renewed optimism and great confidence.â€
