Dubai's DFM swings to Q4 net profit as volumes rise

Dubai Financial market makes net profit of more than $28m in the three months to Dec 31
Dubai's DFM swings to Q4 net profit as volumes rise
By Reuters
Thu 30 Jan 2014 05:50 PM

Dubai Financial Market (DFM), the Gulf Arab region's only listed bourse, swung to a fourth-quarter net profit on Thursday, as trading volumes rose.

The firm, which owns majority-stake in sister bourse Nasdaq Dubai, made a net profit of AED105.3 million ($28.67 million) in the three months to December 31, Reuters calculated based on full year figures provided by the company.

That compares with a net loss of AED3.72 million in the fourth quarter of 2012.

One analyst estimated that DFM would make a quarterly profit of AED57 million.

DFM said it made a full year net profit of AED284.6 million, compared with a profit of AED35.2 million in 2012.

The company's board has proposed a cash dividend of 5 percent for 2013.

DFM's shares gained 20.5 percent in the fourth quarter of 2013, while the main share index rose 22 percent over the same period.

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