Shuaa Capital records Q2 profits on lower costs

Shuaa Capital said on Tuesday that it recorded second-quarter net profit of Dh0.6 million from a loss of Dh56.6 million in the same quarter in 2010. The Dubai-based investment bank said in a statement that its total revenues in the quarter jumped around eight per cent to Dh35.7 million, from Dh33.0 million in 2Q 2010, despite challenging markets for the financial industry. The company, meanwhile, reduced expenses by seven per cent to Dh62.8 million in the three months April-June, while also reported a 48 per cent jump in total assets under management to Dh959 million. "We further strengthened our balance sheet, ending the second quarter with Dh1.9 billion in assets, including Dh12 million in cash, against liabilities of Dh422 million. This gives us the flexibility to invest in organic as well as inorganic growth, playing a consolidator role when opportunities arise," Sameer Al Ansari, Chief Executive Officer of Shuaa Capital, said in a statement.