· Net profit for 1H-11 witnessed a y-o-y decrease of 79.1%
· Expenses increased 17.6% in 2Q11 to reach AED29.2mn
· Investment income declined by 16.8% y-o-y in 2Q11
Analyst comments:
Dubai Financial Market (DFM) reported a net profit of AED16.9mn during 1H11, decreasing by 79.1% on a y-o-y basis. Net profit for 2Q11 stood at AED14.7mn compared to a net profit of AED27.2mn in 2Q10, and increased by 572% q-o-q from a net profit of AED2.1mn in 1Q11.
In 2Q11, trading commission fees (TCF) witnessed a 38% decrease in 2Q11 as compared to the same period a year ago, reaching AED26.9mn. During 1H11, TCF decreased 50.4% to reach AED52.4mn. Noticeably, Ownership transfer & mortgage fees witnessed a 620% increase during the 2Q11 as compared to the same quarter a year ago reaching AED16.3mn. This have proved that DFM is on course to diversify revenue streams away from TCF which enjoyed its share of revenue down to 53% in 2Q11 as compared to 75.1% in 1Q11 and 84.4% in 2Q10. According to the company, new flows of revenue are driven by listing fees, sale of market data and online advertising.
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