DFM Index Books 2011 Losses Of 17%
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DFM Index Books 2011 Losses Of 17%

DFM Index Books 2011 Losses Of 17%

The Dubai Financial Market, the worst performing Gulf bourse last year, managed a small fourth quarter profit.

Gulf Business

The Dubai Financial Market (DFM) eked out a small fourth-quarter profit as it focused on new revenue streams and cut its dependency on commissions after a year of dwindling trading volumes.

DFM had a quarterly net profit of Dhs0.39 million ($106,200), down from Dhs1.12 million in the year-earlier period, according to Reuters calculations.

Two analysts polled by Reuters estimated a profit between Dhs0.3 million and Dhs1 million.

DFM Group, which includes Nasdaq Dubai, reported full-year revenues of Dhs176.5 million on Sunday and a 2011 net loss of Dhs6.9 million, compared to a net profit of Dhs78.9 million in 2010.

DFM index booked losses of 17 per cent in 2011, making it the worse-performing Gulf bourse.

New revenue streams include real time data selling, listing fees, online advertising and cash dividend distribution on behalf of listed companies.

Essa Kazim, CEO of DFM said in the statement that future plans for the bourse include short selling, market maker, trading covered warrants, trading rights issues and stock swap agreements.

Trading value last year through DFM was less than half of total turnover in 2010 and less than 10 per cent of its pre-crisis level of Dhs379 billion in 2007.

Shares in the firm rose 8.5 per cent to 0.997 fils per share on Sunday, a 15-week high, ahead of the results announcement.

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