DFM swings to Q3 net profit

Dubai Financial Market (DFM), the Gulf's only listed stock exchange, swung to a third-quarter net profit due to higher trading values and bullish investor sentiment on back of continued economic recovery in the emirate.

The firm, which runs securities trading in Dubai, made a net profit of Dh82.8 million ($22.5 million) in the three months to Sept. 30, compared with a net loss of Dh1.7 million in the same period of 2012, a statement said.

The results beat estimates by two analysts. HSBC expected DFM to make a profit of Dh76 million and Global Investment House forecast Dh65 million.

Third-quarter revenue more than tripled to Dh122.2 million, and quarterly trading value jumped to Dh49 billion year-on-year from Dh8.1 billion.

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