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Shuaa Capital posts $144 million net loss in 2009

The company posted a net loss of AED154.3 million ($42 million) in the fourth-quarter of the year.

February 6, 2010 11:52 by

Dubai-based financial services company Shuaa Capital reported a net loss of AED529.8 million ($144.2 million) for 2009, including investment impairment charges of AED312.2 million and provisions of AED210.5 million. Shuaa said in a statement that it made a net loss of AED889.6 million in 2008.

During the fourth-quarter of 2009, it posted a net loss of AED154.3 million ($42 million), compared to a net loss of AED577.4 million during the same period in 2008.

“Our brokerage, asset management, finance and private equity business produced positive contributions to the bottom line but write-downs and provisions offset these profits during 2009,” Majid Saif al-Ghurair, chairman of Shuaa Capital said in a statement.

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