Damas International, the Dubai-based listed gold and jewellery group, recorded marginal profits for the six months period ended September 30, 2010, compared with a net loss during the corresponding period of last year, the company announced.
Damas’ six-months net profits stand at Dh4.25m compared with a net loss of Dh714.87m during the same period of 2009.
The company’s profits are largely on the basis of a reversal of impairment losses on equity accounted investments (based on settlement agreement entered with a related party), which boosted its bottom line by over Dh12m, compared with a net impairment provision of over Dh138m last year.
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