Shuaa Capital Q1 net loss narrows
Dubai, May 14, 2013
Shuaa Capital, the Dubai-based investment bank, said on Tuesday that its first-quarter net loss narrowed as it reduced operating costs by a third amid shrinking revenues.
Shuaa, which has laid off a third of its staff since 2011, said the quarterly net loss narrowed to 5.9 million dirhams ($1.6 million) from 8.5 million dirhams a year ago.
Revenue dropped to 36.2 million dirhams compared with 55.0 million dirhams, while operating expenses fell 33 percent to 40.7 million dirhams, Shuaa said. - Reuters
