Dubai’s Shuaa Capital Q1 Net Loss Narrows
The investment bank said the quarterly net loss narrowed to Dhs5.9 million dirhams ($1.6 million) from Dhs8.5 million a year ago.
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 Dhs5.9 million dirhams ($1.6 million) from Dhs8.5 million a year ago.
Revenue dropped to Dhs36.2 million compared with Dhs55.0 million, while operating expenses fell 33 per cent to Dhs40.7 million, Shuaa said.