DFMC posts Q1 net profit of Dhs58.5m

PROFITS DOWN: Dubai Financial Market sees 81 percent decline as trading drops. (Getty Images)

Dubai Financial Market Company (PJSC), the only Gulf Arab stock market to sell shares to the public, posted an 81 percent decline in first-quarter profit as trading dropped.

Net income was 58.5 million dirhams ($16 million), the bourse said Wednesday, against 314.4 million dirhams, according to a previous company statement, cited by news agency Bloomberg.

Total revenue came in at 95.3 million dirhams, including 74.1 million dirhams in operating income and 21.2 million dirhams representing returns on investments.

Meanwhile, total value of trading on DFM stood at 27.6 billion dirhams in the first three months of 2009 - a 78 percent decrease when compared to the same period of 2008 (125.3 billion dirhams). Against Q4 2008, trade value was down 26.6 percent.

During the period, DFM added one listing, Drake and Scull International, taking the total number of listings to 72 securities.

In a statement Essa Kazim, Executive Chairman of DFM said market performance in recent months has shown positive indications for 'significant stability and relative progress' allowing for the company to take a more optimistic view going forward.

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