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DFM business slumps to half

Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 48 percent fall in second-quarter net profit on Monday as bourse turnover slumped.

The firm, which runs securities trading in Dubai, made a net profit of 132.4 million dirhams ($36.05 million) in the three months to June 30, down from a net profit of 252.5 million dirhams in the year-ago period, a statement said.

DFM’s quarterly revenue was 178.1 million dirhams versus 296.5 million a year earlier.

Trading commissions are the main source of income for DFM, and market turnover in the first six months of the year was 103 billion dirhams, down from 237 billion dirhams in the first half of 2014.

Its half-year net profit fell 57 percent to 200 million dirhams.

Dubai’s government owns a majority stake in DFM through holding company Borse Dubai.