Dubai-Mubasher: SHUAA Capital posted net losses of AED 161.8 million ($44 million) for the fourth quarter of 2015, compared with AED 14.8 million ($4.03 million) in the year-ago period.
The company recorded net losses of AED 190.3 in 2015, against earnings of AED 25.8 million a year earlier.
Q4-15 revenues reached AED 40.1 million, a 58% increase compared to AED 25.4 million in Q4-14.
"The difficult market conditions driven by the decline in oil prices, global economic instability and continued political uncertainty in the region witnessed during the course of 2015 created a challenging operating environment for SHUAA’s business units, particularly in the second half of the year,” said Chairman Abdul Rahman Al Hareb.
“We have during the course of 2015 closely monitored market developments and reassessed our positioning accordingly, and we are currently working on a number of initiatives that we are confident will enhance SHUAA’s performance in 2016," he added.
