Dubai: The Dubai Financial Market (DFM) Company announced yesterday its preliminary financial results for the first quarter ending March 31, with a net profit of Dh53.6 million, down eight per cent from the Dh58.5 million in the corresponding period of 2009.
DFM's quarterly revenues were Dh90.4 million compared to Dh95.3 million in the same period of 2009.
Revenues comprised Dh69.9 million in operating income and Dh20.5 million in return on investments. The company's operating expenses remained constant at Dh17.8 million.
DFM's trading value saw an increase of five per cent to Dh28.975 billion during the quarter, compared to Dh27.603 billion in the first quarter of 2009.
Eisa Kazim, managing director and CEO of DFM, said: "The company's ability to record a good level of profitability despite the circumstances of international capital markets reflects the effectiveness of both the business model and cost control measures. Moreover, revenue and profits for the first quarter of 2010 represent clear evidence that our market is more stable and in a better condition compared to a year ago."
Resilient
"Undoubtedly, these results reconfirm DFM company's resilience in absorbing global developments, while on the other hand demonstrating local and international investors' confidence.
"Market performance during the last few months shows positive indications for significant stability and relative progress, which allows us to look forward more optimistically.
"We hope that the market gains more momentum that enhances the possibility of recording more positive results by the end of 2010," he added.
Meanwhile, the DFM company's new board of directors held its first meeting yesterday.
The board elected Abdul Jalil Yousuf as chairman, Rashid Al Shamsi as vice chairman and Kazim as managing director and CEO for three years, in addition to reforming the committees emanating from the board.
The new board was elected during the company's annual meeting held on April 21.
