The Dubai Financial Market (DFM) Company announced today its financial results for the first nine months of 2011 ending September 30th, with a 90% decline in net profit to Dhs7.61m compared to Dhs77.84m in the corresponding period of 2010.
The company recorded a net loss of Dhs9.28m in the third quarter of 2011 compared to a net loss of Dhs2.95m in the corresponding period of 2010.
The DFM said in a statement: “The constant drop in trading values overshadowed the company’s revenue, as trading value decreased by 52.2% during the first three quarters of this year to Dhs27.6bn compared to Dhs57.7bn in the nine months to September 2010. In the same context, the trading value decreased by 42.3% to Dhs5.2bn in the third quarter of 2011 compared to Dhs9.03m in the third quarter of 2010.”
Internaitonal index provider MSCI dealyed in June its decision whether or not the UAE will be upgraded to Emerging Market status from Frontier Market. Such an upgrade would increase funds from fund managers abroad. MSCI will review the UAE’s market status end of 2011.