Dubai Financial Market, among the worst performing bourses this year in the Arabian Gulf region, on Monday reported a 22 per cent fall in the second-quarter net income as trading revenues fell and expenses climbed.
Net profit for the three months ending June 30 declined to Dh33.9 million from Dh43.3m reported a year earlier, the DFM said in a regulatory filing. The exchange, which mainly earns income from commissions and fees, said revenue slipped to Dh83.3m at the end of the second quarter from Dh90m from a year-earlier.
Expenses climbed to Dh49.4m from Dh46.7m reported at the end of April to June period in 2017.
Net income for the first half of 2018 decreased by 43 per cent to Dh82.8m as trading value during the first six months of this year slid to Dh36.5 billion, a year-on-year decline. Its revenues for the period fell 23.8 per cent to Dh182.4m, which includes Dh113.8m of operating income and Dh68.6m of investment returns. DFM said its expenses for the first six months climbed to 99.6m from Dh93.7m recorded during the first half of 2017.
DFM this year has lagged most GCC markets, which have gained ground after a poor showing last year as lower oil prices and softer economic conditions dented investor confidence. The DFM benchmark DFM General Index is down about 15 per cent since the beginning of this year.