Dubai - Mubasher: Shuaa Capital reported a decline in losses by 88.32% in the fourth quarter of 2016, according to a press release.
The company said on Monday that losses reached AED 18.9 million ($5.14 million) in Q4-16 compared to AED 161.8 million ($44.03 million) in Q4-15.
The company’s revenues totalled AED 35.1 million in Q4-16 down from AED 40.1 million in the same quarter the year before, the statement added.
Annual losses decreased by 30.4% and totalled AED 132.5 million in 2016 compared to AED 190.3 million in 2015.
Incurred losses came predominantly from the Group’s lending business Gulf Finance, whereby provisions of AED 150.1 million were set aside against bad loans for the full year 2016, the statement indicated.
