Reuters: Financial Services and Real Estate: UPDATE 1-Dubai's Shuaa Capital Q1 net loss narrows

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UPDATE 1-Dubai's Shuaa Capital Q1 net loss narrows May 7th 2012, 06:06 Mon May 7, 2012 2:06am EDT (Adds details) DUBAI, MAY 7 - Shuaa Capital said first-quarter net loss narrowed sharply as the impact of a job reduction plan embarked last year helped to bring down costs at the struggling Dubai-based investment bank. Shuaa, 48.4-percent owned by Dubai Group which belongs to the Gulf Arab emirate's ruler, said quarterly loss narrowed to 8.5 million dirhams ($2.31 million), compared with 26.3 million dirhams loss same period last year. That was driven mainly by a 7.4 percent decrease in costs and expenditures which fell to 62.1 million dirhams for the quarter, Shuaa said in a bourse statement. Revenue for the period more than doubled to 55 million dirhams, while total assets marginally slipped to 1.57 billion dirhams from 1.6 billion during the same period of last year. Shuaa, which has gone through several top-level management changes post the 2008 financial crisis, last month named a former ABN Amro banker as its new chief executive, replacing Michael Philipp. The company has laid-off close to 60 employees by the end of December. The majority of the redundancies related to the retail brokerage business, which Shuaa exited after slumping trade volumes in the United Arab Emirates. One of the Arab world's largest investment banks and once a symbol of the sector's potential in the region, Shuaa is slowly recovering from the 2008 global financial downturn. The company which helped float ports operator DP World several years ago, jointly lead-managed the initial public offering of UAE healthcare provider NMC Health on the London Stock Exchange earlier this year. The Dubai-listed company shares closed down 6.2 percent on Sunday. The stock is up 34.7 percent since the beginning of 2012 after hitting bottom and losing more than 56 percent of its value in 2011. ($1 = 3.6730 UAE dirhams) (Reporting by Mirna Sleiman; Editing by Dinesh Nair) Link this Share this Digg this Email Reprints

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