Shuaa Capital, the Dubai-based investment bank, swung to a profit in the fourth-quarter of 2013, aided by cost cuts and growth in its core businesses.

Shuaa made a quarterly net profit of 3.8 million dirhams ($1.03 million), compared with a loss of 21 million dirhams in the corresponding period in 2012, it said in a bourse statement on Monday.

Revenue for the quarter surged to 63 million dirhams from 25 million dirhams in the year-ago quarter.

Net profit for 2013 also jumped, hitting 2.8 million dirhams compared to a loss of 59 million dirhams in 2012, the filing added.

In December, Shuaa said its chief executive officer, Colin Macdonald, was leaving the firm, the fourth CEO to depart in as many years. – Reuters