Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, swung to a third-quarter net profit due to higher trading values and bullish investor sentiment on the back of continued economic recovery in the emirate.
The firm, which runs securities trading in Dubai, made a net profit of Dhs82.8 million ($22.5 million) in the three months to September 30, compared with a net loss of Dhs1.7 million in the same period of 2012, a statement said.
The results beat estimates by two analysts. HSBC expected DFM to make a profit of Dhs76 million and Global Investment House forecast Dhs65 million.
Third-quarter revenue more than tripled to Dhs122.2 million, and quarterly trading value jumped to Dhs49 billion year-on-year from Dhs8.1 billion.