$54 million Q1 net loss posted by Dubai's Shuaa Capital
The first quarter saw Dubai-based investment bank Shuaa Capital posting a net loss of 197.9 million dirhams ($53.88 million) since it booked losses on investments.
The bank informed via a statement that the overall results were adversely affected by the losses booked from investments even when the bank had implied enormous efforts to increase profitability through cost-cutting measures. The bank has also concentrated on growing its fee businesses.
During the quarter, Shuaa Capital's private equity, asset management and finance businesses were all profitable; however losses were posted by its investment banking unit, brokerage and corporate segment, which controls all cash related to the group.
The bank expressed that it has over 400 million dirhams in cash and deposits with banks and its total assets stood at 3.8 billion dirhams. It should be mentioned that Clients' funds under management was at 4.5 billion dirhams, down from 4.7 billion dirhams in the previous quarter.
In the first quarter of 2008, Shuaa Capital made a net profit of 67.08 million dirhams.
Majid Saif al-Ghurair, the company chairman, said, "The continued market turmoil during the first quarter strained our results but there has been a significant improvement in market sentiment since the beginning of March, and we are positive on the rest of this year."
It should be noted that in the fourth quarter of 2008, Shuaa Capital posted a 577.4 million dirham loss.
New Zealand News
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- CATL and LG Energy account for nearly 54% of global xEV battery market: SNE Research
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network