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DFM Q1 profit falls 8pc

DUBAI — Dubai Financial Market Company (PJSC), the only bourse operator in the Arab region, on Saturday announced a first-quarter profit of Dh53.6 million compared to Dh58.5 million in same period last year, reflecting an eight
per cent decline.

In a statement, DFM Company said it recorded total revenue of Dh90.4 million in first quarter of 2010 compared to Dh95.3 million during the corresponding period of 2009.

“The revenue and profits in first quarter of this year are clear evidence that our market is more stable and in a better condition compared to a year ago,” Essa Kazim, Managing Director and CEO of DFM said. DFM trading value saw an increase of five per cent to Dh28.975 billion during the first quarter of 2010 compared to Dh27.603 billion in the first quarter of 2009. 


“Market performance during the last few months shows positive indications for significant stability and relative progress which allows us to look forward more optimistically,” Kazim added.

“We hope that the market gains more momentum that enhances the possibility of recording more positive results by the end of 2010,” he said.

DFM shares closed trading on Thursday 4.7 per cent higher at Dh1.77.

New chairman elected

DFM Company’s new board of directors held its first meeting on Saturday and elected AbdulJalil Yousef as Chairman and Rashid Al Shamsi as Vice Chairman. The board also elected Essa Kazim as Managing Director and CEO for three years in addition to reformation of the committees emanating from the board. The new board was elected during the company’s annual meeting held on April 21^st. — muzaffarrizvi@khaleejtimes.com