Dubai Financial Market's Q2 earnings plunge by 48pc 

(MENAFN - Khaleej Times) Stock exchange operator Dubai Financial Market PJSC's (DFM) net profit in the second quarter plunged by 47.7 per cent from a year ago to Dh128.3 million, while first half earnings declined by 66.6 per cent to Dh186.8 million.


The company did not provide comparative figures, but previous disclosures showed that its second quarter earnings in 2008 reached Dh245.45 million, while its first semester earnings last year stood at
Dh559.82 million.

DFM said in a statement that its earnings in the second quarter of 2009 surged by 119 per cent compared to Dh58.5 million in the 
previous quarter.

It said its second quarter earnings reflects the significant incease in market activity with total trade value jumping by 113 per cent to Dh58.8 billion compared to Dh27.6 billion in the first 
quarter of 2009.

Revenue in the second quarter reached Dh166.4 million compared to Dh95.3 million in the
 first quarter.

"The market witnessed good performance during the second quarter of 2009, with significant increase in different market indicators such as trading volumes and values, the performance of listed securities and the DFM general index.

The market performance in the second quarter reflects improved investor appetite and their confidence in the sound fundamentals of the national economy and publicly listed joint stock companies," said Essa Kazim, executive chairman of the DFM PJSC.

Kazim said the Dubai bourse can hopefully acquire additional momentum to be able to record more positive results by year end.