Oct 26 2011 |
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Dubai Financial Market 3Q Loss Widens On Yr As Trading Vols Dive
Wednesday, Oct 26, 2011
DUBAI (Zawya Dow Jones)--Bourse operator Dubai Financial Market ( DFM . DFM ), or DFM , said its net loss more than tripled in the third quarter as the Arab spring and an uncertain global economic outlook curtailed trading activity and weighed on revenues.
The company recorded a net loss of 9.28 million U.A.E. dirhams ($2.5 million) in the three month period to Sept. 30, compared with a net loss of AED2.95 million in the year-earlier period, DFM said in an emailed statement Wednesday. The value of trading on its exchange slumped 42% in the same period to AED5.2 billion, from AED9.03 billion in the third quarter of 2010, it added.
Daily average turnover on the Dubai Financial Market and Abu Dhabi Securities Exchange have tumbled to a combined $67 million in 2011 to date, down from $112 million last year, $266 million in 2009 and $596 million in 2008, according to Zawya.com.
DFM , the only listed Arab bourse, said Wednesday its nine-month net profit tumbled 90% to AED7.61 million, from AED77.84 million in the corresponding period of 2010. Total revenue meanwhile, comprising operational, investment and other income, reached AED145.1 million in the first nine months of 2011, compared with AED205 million a year ago.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
26-10-11 1307GMT
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