Dubai-based Shuaa Capital has reported a loss of AED59m ($16m) in 2012, reducing the loss from AED234.8m as the company focused on implementing a plan to slash costs.

The company, which was hit hard by the financial crisis, has laid off a third of its staff since 2011 and cut costs by AED163m. Bank borrowings fell to AED136.3m at the end of 2012, down from AED275.9m a year earlier.

Total assets were AED1.4bn at the end of 2012, down by AED231.1m. Shuaa plans to focus on developing its lending business as part of its turnaround plan.