Dubai Financial Market swings to Q3 profit
Dubai, November 4, 2013
Dubai Financial Market (DFM), the Gulf's only listed stock exchange, swung to a third-quarter net profit due to higher trading values and bullish investor sentiment on back of continued economic recovery in the emirate.
The firm, which runs securities trading in Dubai, made a net profit of 82.8 million dirhams ($22.5 million) in the three months to Sept. 30, compared with a net loss of 1.7 million dirhams in the same period of 2012, a statement said.
The results beat estimates by two analysts. HSBC expected DFM to make a profit of 76 million dirhams and Global Investment House forecast 65 million dirhams.
Third-quarter revenue more than tripled to 122.2 million dirhams, and quarterly trading value jumped to 49 billion dirhams year-on-year from 8.1 billion dirhams. – Reuters
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