Dubai Financial Market Q2 net profit drops 48%

The firm, which runs securities trading in Dubai, made a net profit of Dhs 132.4m in Q2



Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 48 per cent fall in second-quarter net profit on Monday as bourse turnover slumped.

The firm, which runs securities trading in Dubai, made a net profit of Dhs 132.4m ($36.05m) in the three months to June 30, down from a net profit of Dhs 252.5m in the year-ago period, a statement said.

DFM’s quarterly revenue was Dhs 178.1m versus Dhs 296.5m a year earlier.

Trading commissions are the main source of income for DFM, and market turnover in the first six months of the year was Dhs 103bn, down from Dhs 237bn in the first half of 2014.

Its half-year net profit fell 57 per cent to Dhs 200m.

Dubai’s government owns a majority stake in DFM through holding company Borse Dubai.