DFM net profit for the second quarter

Bourse operator Dubai Financial Market Co, or DFM, said Saturday its net profit for the second quarter dropped 31 per cent to Dh10.2m ($2.78 million) on lower revenues. The mainly operator of the Dubai bourse said its second-quarter revenue fell 23 per cent to Dh49.6 million from Dh64.6 million in the same quarter of 2011. First-half net profit, however, more than doubled to Dh40.6 million compared with the year earlier period, the DFM said in an emailed statement The company said its first-half total revenue increased 4.8 per cent to Dh118.7 million compared with a year earlier while its expenses fell 19 per cent to Dh78.1 million over the same period. As the trading commissions represent the main revenue stream, the significant improvement of DFM trading activity since the beginning of the year has left its positive mark on the company’s revenue and profit,” Abdul Jalil Darwish, DFM’s chairman, said in the statement. From:Gulfnews