Gulf's only listed stock exchange says it made net profit of $18.4m in first three months of 2015
Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 69 percent drop in first-quarter net profit on Sunday as trading volumes fell.
The firm, which runs securities trading in Dubai, made a net profit of AED67.7 million ($18.4 million) in the three months to March 31, down from a net profit of AED215.1 million in the year-ago period, it said in a statement.
HSBC had forecast DFM would post first-quarter net profit of AED78.0 million.
Trading commissions are the main source of income for DFM and traded value fell to AED38.2 billion in the first quarter 2015 from AED110 billion in the same period of 2014.