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FINANCIAL NEWS
Dubai’s Shuaa Capital reports USD4m loss in Q3
11 Nov 2012
(MENAFN) Dubai-based investment firm Shuaa Capital said it shrank its quarterly losses, helped by lower provisions and a sharp drop in investment-related losses, Reuters reported.
The company said it booked USD3.78 million net loss during the third quarter, down from USD42.52 million a year earlier.
The company also reported USD9.5 million revenue during the quarter, that is more than double the USD4.44 million generated a year earlier.
Shuaa said that loss from investments dropped to USD299,400 in the quarter, compared to USD21.6 million in the same period last year.
Provisions it set aside to cover bad debts, also declined to USD272,200 from USD9.434.5 million a year ago.
Shuaa Capital estimated full-year losses to be in a range of USD10.9 million to USD16.33 million.
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