Dubai Financial Market Q1 Net Profit Falls 69%

The firm made a net profit of Dhs67.7 million ($18.4 million) in the three months to March 31.



Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 69 per cent drop in first-quarter net profit on Sunday as trading volumes fell.

The firm, which runs securities trading in Dubai, made a net profit of Dhs67.7 million ($18.4 million) in the three months to March 31, down from a net profit of Dhs215.1 million in the year-ago period, it said in a statement.

HSBC had forecast DFM would post first-quarter net profit of Dhs78.0 million.

Trading commissions are the main source of income for DFM and traded value fell to Dhs38.2 billion in the first quarter 2015 from Dhs110 billion in the same period of 2014.