Dubai's Shuaa posts shrinking Q1 net loss

Investment bank which has laid off a third of its staff since 2011 says quarterly loss at $1.6m
Dubai's Shuaa posts shrinking Q1 net loss
By Reuters
Tue 14 May 2013 08:40 AM

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 AED5.9m ($1.6m) from AED8.5m a year ago.

Revenue dropped to AED36.2m compared with AED55m, while operating expenses fell 33 percent to AED40.7m, Shuaa said.

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