Losses at Egypt-listed buyout firm Citadel Capital narrowed during the second quarter of 2012, as the company continued to recover from the fallout of last year’s Arab Spring.

Citadel Capital released its second-quarter statement - covering the three months to the end of June - on the Egyptian Exchange this week. The group reported a net loss of $1.5m and revenues of $3.2m. Citadel Capital blamed the figures principally on a lack of exits during the period.