Dubai Financial Market posts $153m profits in Q1

The Chairman of the Dubai Financial Market Company (DFM) announced that the company has posted profits of $153.3 million in the first three months of 2007, Gulf News reported.According to the chairman, $127.4 million of DFM's quarterly profits were obtained from the company's initial public offering (IPO) which was launched during the period. He added that the company was able to achieve strong results despite the drop in the volume of trading in the market.He also said that the company, whose capital is $2.18 billion, is expecting better results in the second quarter of the year as the market is likely to recover from last year's slump. Source