A 47.7 percent fall in second-quarter net profit was reported by Bourse operator Dubai Financial Market (DFM), as compared to the last year. The company was hopeful of improvement in the results, as the volumes and values showed improvements.

Executive Chairman, Essa Kazim, said: "We are more optimistic about the outlook, and hopefully the market can acquire additional momentum to be able to record more positive results by year end."

DFM earned 128.3 million dirhams ($34.93 million) in the quarter ending June 30, as compared to 254.45 million in the same period during 2008. In the second quarter, the profits reported were 58.8 million dirhams. The firm's profit in the first half of the year was 186.8 million dirhams.

Raj Madha, banking analyst said: "Declining asset values and lower transaction volumes was bound to hit revenues."

According to DFM, the increase from quarter to quarter was on account of a jump of 113 percent to 58.8 billion from 27.6 billion dirhams.

Kazim said: "The market performance in Q2 reflects improved investor appetite. DFM expected more companies to go public in the next few months after receiving interest from firms following a promotional push in June."