Investment bank Shuaa Capital eked out a small second-quarter net profit on Tuesday, helped by aggressive cost cuts and strength in its asset management business.
Shuaa, which took companies like port operator DP World to the market, posted a profit of 0.6 million dirhams for the second quarter, compared with a loss of 56.6 million dirhams in the same period last year. The results included a 27.7 million dirhams of gains on other investments and cost cuts amounting to 62.8 million dirhams, it said in a statement to the bourse.
An HSBC analyst estimated that the company would post a loss of 29 million dirhams in the quarter, according to a poll by Reuters.
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