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Mon 25 Jul 2016 04:50 PM

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Dubai Financial Market posts 60% slump in Q2 net profit

Gulf's only listed stock exchange sees revenues fall significantly compared to year-earlier period

Dubai Financial Market posts 60% slump in Q2 net profit

Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 60 percent fall in second-quarter net profit on Monday as revenue fell.

The firm made a net profit of 53.5 million dirhams ($14.6 million) in the three months to June 30, down from 132.4 million dirhams in the year-ago period, it said in a statement.

Revenues fell to 100 million dirhams in the quarter, compared with 178.1 million dirhams in the corresponding three months of 2015.

Trading commissions are the main source of income for DFM. While it did not provide a quarterly breakdown, the firm said the value of shares traded in the first six months of 2016 was down 32.7 percent year on year to 69.5 billion dirhams.

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

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