According to audit reports of the Dubai-based jeweller Damas issued by Ernest & Young, the company will fall prey to "significant uncertainty" during its future operations, provided the jeweller fails to come up with a proper restructuring plan or plan for the extension of debt stalling deal.
Damas had disclosed on August 1, 2010 that it had incurred a loss of 1.91 billion dirhams during the previous annum, a figure which has been calculated after provisions and non-recurring charges of Dh1.9 billion. It had cited in July that the stalling deal had been extended to the end of September with debt worth $872 million.
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Damas had disclosed on August 1, 2010 that it had incurred a loss of 1.91 billion dirhams during the previous annum, a figure which has been calculated after provisions and non-recurring charges of Dh1.9 billion. It had cited in July that the stalling deal had been extended to the end of September with debt worth $872 million.
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