Dubai Financial Market Q1 Profit Slips 11.3%

Dubai Financial Market (DFM), the Gulf Arab region’s only listed bourse, reported an 11.3 per cent drop in first-quarter profit.

The firm, which owns majority-stake in sister bourse Nasdaq Dubai, made a first quarter net profit of Dhs27.03 million in the quarter ended March 31, compared with Dhs30.47 million in the prior-year period.

One analyst forecast DFM would make a quarterly profit of Dhs29 million.

First-quarter operating income was Dhs53.96 million, down from Dhs57.06 million last year.

DFM’s shares have gained 34.3 per cent in 2013, while the main share index is up 33.3 per cent over the same period. The shares fell 4.4 per cent in early trade on Thursday.