Damas swings to profit

01 December 2010

Dubai-based jewellery retailer Damas, which has more than 500 stores across the region, has reported net profit of Dhs4.2mn ($1.1m) for the six months ending on September 30. For the same period last year, Damas reported a Dhs714.9m loss because of write-downs for underperforming loans and unauthorised investments that nearly pushed the company out of business. “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,” Anan Fakhreddin, CEO of Damas said.

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