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Dubai Financial Second-Quarter Profit Drops 31% on Revenue

Aug. 4 (Bloomberg) -- Dubai Financial Market PJSC, the only publicly traded Gulf Arab stock market, said second-quarter profit declined 31 percent as revenue dropped.

Net income was 10.2 million dirhams ($2.7 million), Dubai Financial Market said in an e-mailed statement today. Revenue dropped 23 percent to 49.6 million dirhams, while expenses fell 21 percent to 39.4 million dirhams, it said.

The company didn’t give reasons for the profit decline. The complete earnings statement is yet to be released.

Dubai Financial Market shares closed unchanged at 0.985 dirhams in Dubai trading on Aug. 2, valuing the company at 7.8 billion dirhams. The stock has gained 17 percent this year after a 44 percent decline in 2011.

The United Arab Emirates, the second-biggest Arab economy, has three bourses, Nasdaq Dubai, Dubai Financial Market and Abu Dhabi Securities Exchange.

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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