Shuaa Capital, the largest domestic investment bank in the Emirates, posted a net loss of Dh577.4 million (US$157.2m) in the last three months of last year, according to a statement by the firm yesterday.
This compares with a net profit of Dh213m during the same reporting period last year.
Combined with losses booked in previous quarters, the result in the last quarter of the year brought the annual net loss to Dh948.5m.
“2008 was a challenging year for the financial services sector worldwide, for the regional capital markets and for Shuaa Capital,” said Majid Saif al Ghurair, the chairman of Shuaa. “We witnessed major dislocations in the second half of 2008 that resulted in a significant drop in income for the company. As a result, we have taken significant steps to reduce our exposure to the market and we have realigned our base in core business lines to mitigate these risks in the future.”
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