April 26, 2015 / 11:59 AM / 2 years ago

Dubai Financial Market Q1 net profit falls 69 pct

DUBAI, April 26 (Reuters) - Dubai Financial Market (DFM), the Gulf’s only listed stock exchange, reported a 69 percent drop in first-quarter net profit on Sunday as trading volumes fell.

The firm, which runs securities trading in Dubai, made a net profit of 67.7 million dirhams ($18.4 million) in the three months to March 31, down from a net profit of 215.1 million dirhams in the year-ago period, it said in a statement.

HSBC had forecast DFM would post first-quarter net profit of 78.0 million dirhams.

Trading commissions are the main source of income for DFM and traded value fell to 38.2 billion dirhams in the first quarter 2015 from 110 billion dirhams in the same period of 2014. ($1 = 3.6729 UAE dirham) (Reporting by Olzhas Auyezov; Editing by Tom Arnold)

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