Shuaa Capital said first-quarter net loss narrowed sharply as the impact of a job reduction plan embarked last year helped to bring down costs at the struggling Dubai-based investment bank.
Shuaa, 48.4-percent owned by Dubai Group which belongs to the Gulf Arab emirate's ruler, said quarterly loss narrowed to 8.5 million dirhams ($2.31 million), compared with 26.3 million dirhams loss same period last year.
That was driven mainly by a 7.4 percent decrease in costs and expenditures which fell to 62.1 million dirhams for the quarter, Shuaa said in a bourse statement.
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