Dubai's Damas may face "significant uncertainty" to operate its business if the jeweller is unable to execute its restructuring plan or extend a debt standstill agreement, the company's auditors said in a report on Monday.
"In the event that the financial restructuring plan is not signed as envisaged or the standstill agreement is not extended further, there could be significant uncertainty over the ability of the group to continue operating as a going concern," said Ernst & Young, in a letter published on the bourse's website.
Damas on Sunday said it made a full-year loss of 1.91 billion dirhams after provisions and non-recurring charges of 1.9 billion dirhams.
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