The Dubai Financial Market (DFM) said its net profit for the first nine months ending September 30 plunged 90 per cent to Dh7.61 million ($2.07 million) from Dh77.84 million during the same period last year.

Announcing its financial results for the first three quarters, DFM said its total revenue, comprising operational, investment and other income, reached Dh145.12 million, down 29 per cent compared to Dh205 million last year.

The company also recorded a net loss of Dh9.28 million throughout the third quarter of 2011 compared to a net loss of Dh2.95 million last year.

The constant drop in trading values overshadowed the company’s revenue, as trading value fell 52.2 per cent during the first three quarters to Dh27.6 billion compared to Dh 57.7 billion last year, said the DFM in a statement.

In the same context, the trading value too decreased by 42.3 per cent to Dh5.2 billion in the third quarter compared to Dh9.03 million last year.-TradeArabia News Service