Dubai - Arabstoday
Dubai Financial Market Company (PJSC) yesterday said its second quarter net profit declined 46 per cent to Dh14.71 million ending June 30, compared to the corresponding quarter of 2010, and a 600 per cent increase compared to the first quarter of 2011. The company recorded total revenue of Dh64.59 million in Q2-11 compared to Dh69.09 million during Q2- 2010. The second quarter of 2011 revenues comprised of Dh50 million of operating income and Dh14.59 million of investment returns. DFM Company expenses reached Dh49.88 million compared to Dh41.87 million recorded during Q2-2010. Noting that DFM operating expenses in Q2-2010 didn\'t fully include Nasdaq Dubai\'s expenses. It is noteworthy that DFM trading value has relatively improved to Dh11.5 billion during the second quarter of 2011 compared to Dh10.9 billion in the corresponding period of 2010, an increase of 5.2 per cent. Article continues below Abdul Jalil Yousuf Darwish, Chairman of Dubai Financial Market (PJSC), said: \"DFM Company has started to realise the benefits of its ambitious strategy to diversify revenue streams and downscale reliance on trading commissions as the main source of income, which we initiated early this year. The positive reflections of this strategy will be clearly recognised by our shareholders as it gains momentum in the future. The Q2-2011 financial indicators reinforce our unequivocal belief in the appropriateness of DFM\'s direction and that the new strategy has placed us on the right track towards a new era of growth and prosperity.\" Eisa Abdul Fattah Kazim, Managing Director and CEO of Dubai Financial Market (PJSC), said: \"The flow of revenues from listing fees, sale of market data and online advertising opportunities on DFM website have helped the company reach a greater balance between trading commissions and other revenue sources. \"Consequently, the trading commissions\' contribution to our revenue has dropped from 66 per cent during H1-2010 to 45 per cent during H1-2011. \"These new streams contributed 3.4 per cent of DFM Company\'s revenue in H1-2011, and this drive will further materialise in the future with the further implementation of the diversification strategy.\"