Gulf's only listed bourse posts 11% Q1 net profit drop

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

The firm, which owns majority-stake in sister bourse Nasdaq Dubai, made a first quarter net profit of AED27.03m in the quarter ended March 31, compared with AED30.47m in the prior-year period.

One analyst forecast DFM would make a quarterly profit of AED29m.

First-quarter operating income was AED53.96m, down from AED57.06m last year.

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

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