Dubai Financial Market Q2 net profit drops 48 per cent

Dubai Financial Market (DFM), the Arabian Gulf’s only listed stock exchange, reported a 48 per cent fall in second-quarter net profit on Monday as bourse turnover slumped.

The firm, which runs securities trading in Dubai, made a net profit of Dh132.4 million in the three months to June 30, down from a net profit of Dh252.5m in the year-ago period, a statement said.

DFM’s quarterly revenue was Dh178.1m versus Dh296.5m a year earlier.

Trading commissions are the main source of income for DFM, and market turnover in the first six months of the year was Dh103 billion, down from Dh237bn in the first half of 2014.

Its half-year net profit fell 57 per cent to Dh200m.

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

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