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FINANCIAL NEWS
Dubai’s Shuaa Capital reports second quarter loss
11 Aug 2012
(MENAFN) Dubai-based Shuaa Capital reported USD4.3 million net loss in the second quarter compared to USD163,36 profit a year earlier, Reuters reported.
The company said it continues to implement restructuring strategy and booked one-off costs associated with the process.
Shuaa added that most of its restructuring efforts had been completed in the second quarter, expecting benefits of this programme begin to show through from the third quarter onwards.
Quarterly revenue across the business fell to USD6 million from USD9.72 million a year earlier, Shuaa said.
The firm has laid-off more than a third of its staff in the last year, the statement said. The majority of the redundancies related to the retail brokerage business, which Shuaa exited after slumping trade volumes in the UAE.
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