DUBAI, May 11 (Reuters) - Dubai’s Shuaa Capital swung to a first-quarter profit, the investment bank said on Sunday, confirming preliminary figures released last month.
Shuaa made a profit of 8.2 million dirhams ($2.23 million) in the three months to March 31, according to a bourse statement. That compares with a loss of 5.9 million dirhams a year earlier.
HSBC forecast Shuaa would make a quarterly profit of 3 million dirhams.
The company’s quarterly revenue was 64.2 million dirhams, up from 36.2 million dirhams in the corresponding period of 2013.
“We are seeing an improved investment banking pipeline and a larger pool of companies wanting to go public, improving the possibility of more transactions being executed by Shuaa,” Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital, said in the statement. ($1 = 3.6730 UAE Dirhams) (Reporting by Matt Smith; Editing by Olzhas Auyezov)