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DFM records Dh865m net profit

DUBAI — Dubai Financial Market Company (DFM Company) recorded a net profit of Dh865 million for the first nine months of 2007.

In a Press statement yesterday, DFM Company said total expenses reached Dh139 million during the period. DFM Company recorded total income of Dh1 billion, including Dh409 million representing the operating income for the first nine months of 2007, Dh126 million representing returns on investments made by the company, and Dh468 million generated by the Initial Public Offering's (IPO) profits.

DFM Company's total profits from operating activities for the first nine months of 2007 reached Dh397 million, including total profits from operating activities for the third quarter totalling Dh117 million.

Essa Kazim, Chairman of Dubai Financial Market, said: "The performance of DFM during the third quarter reflects the investors' high level of confidence in DFM. Although the volume of trading dropped significantly during the third quarter as result of the summer period, the value of trading has witnessed only a slight drop."

"The daily value of trading recorded an average of Dh930 million during the first nine months of 2007, a drop of just six per cent compared to the daily value of trading during January-June 2007, which reached Dh990 million," he added.