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Dubai Financial Market Co says third quarter loss narrows

Du23DUBAI: Dubai Financial Market Co's third-quarter net loss narrowed to 1.7 million dirhams ($463,000) from 9.3 million in the same period last year, the company said on Saturday, citing increased trading activity.

 

The publicly owned company, which runs securities trading in Dubai, said its third-quarter revenue grew to 36.8 million dirhams, compared to 31.7 million dirhams a year ago in an emailed statement.

 

Its net profits for the first nine months of 2012 more than quadrupled to 38.9 million dirhams compared to last year, the company said, citing new income from its margin trading business.

 

The third quarter included Ramadan and the Eid al-Fitr holiday in the Gulf when business is slower.

 

Copyright Reuters, 2012