Dubai-based Shuaa Capital yesterday said it aims to trim costs by an additional 14 per cent by the end of the first half as the investment bank eyes a recovery from an economic downturn and a return to profitability. Shuaa, in a statement ahead of the publication of its first-quarter results due next week, said it has eliminated 60 per cent of its employees since the beginning of 2011, layoffs that took place primarily in its retail brokerage business. "We have worked hard to cut costs in 2011 and this continued into 2012. Year on year, we have already improved our monthly operating cash flow by 57 per cent. Our target for the first half of 2012 is a further reduction of 14 per cent, leading to a total improvement of operating cash flow of 71 per cent since the launch of our systematic right-sizing programme in 2011," said Shaikh Maktoum Bin Hasher Al Maktoum, Executive Chairman of Shuaa Capital.
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