Egyptian private equity firm Citadel Capital said on Sunday it narrowed third quarter losses by 30 percent in 2011 despite a challenging local and regional environment.
The company said it made a standalone net loss of 20.7 million Egyptian pounds in the third quarter compared with a net loss of 29.6 million Egyptian pounds in the same period last year.
"Cost-cutting at the firm and platform company levels has allowed us to preserve cash, while new fundraising from international limited partners and regional co-investors alike has seen us add important equity and debt to key platform investments," Citadel Capital Chairman and Founder Ahmed Heikal said in an e-mailed statement.
No comments:
Post a Comment