Dubai Financial Market profit soars in Q1

(MENAFN) Dubai Financial Market (DFM) announced a better-than-expected net profit increase in the January-March period of this year, Arabian Business reported. The Gulf's only listed bourse said that its net profit hit USD58.6 million in the quarter, increasing from USD7.3 million in the same period a year ago. The trading activity in Dubai gained strongly in as the equity market in the emirate recovered from the global financial crisis. DFM's main source of income is trading commissions. DFM said that the value of traded securities soared 429 percent in the three-month period to nearly USD30 billion. The exchange's revenue surged 289 percent to USD69.5 million, while operating expenses increase to USD11 million.