Dubai Financial Market Q3 nearly doubles

HIGHER VOLUMES: More IPOs has meant more trading. (Getty Images)

Dubai Financial Market Co posted an 88 percent jump in its third-quarter net profit, beating most analysts' forecasts as new listings boosted trading volumes.

DFM's third-quarter net profit attributable to shareholders amounted to 220.82 million dirhams ($60.11 million), the bourse operator said in a statement on Tuesday.

The company made 780.65 million dirhams in the nine months ended Sept. 30, an increase of 97 percent from the year-earlier period, excluding a 465 million dirham gain from an initial public offering in 2007, DFM said.

"These results validate DFM's current growth strategy, as it aims to diversify the equity offerings on the exchange through a series of successful IPOs, which will increase the level of market activity," Chairman Essa Kazim said in the statement.

DFM added nine new listings during the first nine months of this year, raising the total number of listed securities on the market to 83, the company said.

The company's quarterly profit beat three out of four analysts' forecasts in a poll by newswire Reuters, which ranged from 93 million dirhams to 618.8 million dirhams.

Earnings per share were 0.097 dirhams in the nine-month period, compared with 0.108 dirhams a year earlier.

Total revenue increased by 67 percent to 879 million dirhams at the end of the nine month-period compared to a year earlier.

Shares in the firm closed up 2.92 percent at 2.82 dirhams on Tuesday, having fallen more than 55 percent since the beginning of the year. (Reuters)

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