FINANCIAL NEWS

Dubai’s Shuaa reports USD5.6m loss in Q4

10 Feb 2013

(MENAFN) Dubai-based investment firm Shuaa Capital reported narrower quarterly loss on lower costs after restructuring, Bloomberg reported.

The company said it booked USD5.6 million net loss during the last quarter of 2012, lower than a USD30.48 million loss a year earlier.

Shuaa said it managed to cut costs by 72 percent to USD10.67 million during the restructuring process in the quarter.

The company also reported a 25 percent increase in quarterly revenue to USD6.86 million compared to a year ago.

Total assets fell to USD381.06 million at the end of 2012 from USD435.5 million in 2011.

Shuaa was hardly hit in the wake of the global financial crisis in 2008 which led to a drop in volume on local stock markets.

It has completed a restructuring program to reduce non-core assets, cut jobs and generate recurring revenue.

The company stopped offering retail brokerage and said in October it plans to boost lending to small and medium-sized businesses and high-net-worth individuals to improve profit margins.

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