In the second quarter results announced by Dubai Financial Market Co. it has revealed a decline of 80% in the net profit. It has confirmed that these figures have reached 25.9 million U.A.E. dirhams ($7 million) in the latest quarter. It reported a net profit of AED128.3 million last year in the same quarter. It stressed that profits were mainly down due to the lower levels of trading.
Analysts had expected these figures to be between AED30 million and AED31.6 million.
It also confirmed that its first half net profit declined by 57% to reach AED79.5 million from AED186.7 million last year. It also did not provide any profit figures for 2Q 2009.
Dubai Financial Market Company also announced that revenues for the second quarter were AED 69.7 million that included AED51.5 million as operating income and AED18.2 million as a return on investments.
The Company also recently decided to purchase a two third stake in NASDAQ Dubai. Both the stock markets also started to trade on a single platform earlier this month and also aimed to consolidate the markets.
It is confident that consolidation between both the exchanges will help save a lot of money and this news will benefit all the investors.
The share price of Dubai Financial Market also increased by 0.66% and reached AED1.52 per share on the Dubai stock market.