UAE investment bank Shuaa Capital said it narrowed its fourth quarter net loss by about 82 percent as it cut costs, increased revenues and reduced its non-core assets as it continued to restructure.
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The Dubai-based bank, which was hit by the global financial crisis, said its fourth quarter net loss shrank to AED20.7m (US$5.6m) from AED111.9m in the same period a year earlier.
Shuaa said it reduced full-year 2012 net loss by about 80 percent to AED59m from a AED293.8m loss the year before as the company restructured.
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"Despite the volatile market environment in 2012, SHUAA’s financial results for the full year are in line with our market guidance,'' Sheikh Maktoum Hasher Al Maktoum, Executive Chairman, said in an emailed statement.
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Read more: http://www.arabianbusiness.com/shuaa-capital-narrows-net-loss-by-82--488899.html
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