Dubai Financial Market net profit plunges 69pc
DUBAI, April 26, 2015
Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 69 per cent 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 Dh67.7 million ($18.4 million) in the three months to March 31, down from a net profit of Dh215.1 million in the year-ago period, it said in a statement.
HSBC had forecast DFM would post first-quarter net profit of Dh78 million.
Trading commissions are the main source of income for DFM and traded value fell to Dh38.2 billion in the first quarter 2015 from Dh110 billion in the same period of 2014.-Reuters