(MENAFN) Dubai-based Shuaa Capital, which has shifted focus to financial advisor, said its quarterly loss narrowed, while revenues rose 103 percent, Trade Arabia reported.
The company said its first quarter losses narrowed to USD2.3 million from USD7.16 million a year earlier. Revenue hit USD14.97 million, up from USD7.4 million.
Shuaa said the results were driven by strong returns from Shuaa's lending business and from investments in Shuaa managed funds.
Shuaa's continued strategy of curbing costs during the first quarter resulted in a noticeable improvement in its monthly operating cash expenditure to USD1.22 million per month, down from USD3 million.
Shuaa Capital plans to further cut its operating cash expenditure to below USD816,55 per month by the end of the first half of 2012, it said.
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