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Sun 5 Aug 2012 10:55 AM

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Dubai Financial Market Q2 net profit drops 31 pct

DFM made a net profit of 10.2 million dirhams, beats HSBC Bank estimates

Dubai Financial Market Q2 net profit drops 31 pct

Dubai Financial Market, the Gulf Arab region's only listed bourse, posted a 31-percent decline in second-quarter profit on Sunday as income during the period dropped.

DFM made a net profit of 10.2 million dirhams ($2.8 million) compared to 14.7 million dirhams in the same period in 2011, the company said in a statement on the Dubai bourse.

The earnings however, beat an estimate by HSBC Bank, which expected a quarterly profit of 4 million dirhams.

DFM's total second-quarter revenue dropped to 51.8 million dirhams from 65.9 million dirhams in the prior-year period, according to the company's balance sheet. Revenue from ownership transfer and mortgage fees dropped to 1.1 million dirhams from 16.3 million dirhams in the year-ago period.

DFM Group, which includes Nasdaq Dubai, said in a statement that its trading value increased 4.7 percent during the quarter to 11.8 billion dirhams compared to 11.3 billion dirhams in the same period of 2011.

Shares of the firm are up 17 percent in the first half of this year after a 44-percent drop in 2011.

Trading volumes on the bourse were down to 691 million shares in the second quarter compared to 769 million in the year-ago period, Reuters data showed.

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