Sorouh Real Estate, Abu Dhabi’s second-biggest property developer, said third-quarter profit declined 76% as gains from land sales weren’t repeated amid a slump in the emirate’s real-estate industry.

Net income fell to 187.2 million dirhams ($51m), or 7 fils a share, from 765.2 million dirhams, or 31 fils, a year earlier, the company said in a statement to the Abu Dhabi bourse today. The mean estimate of six analysts surveyed by Bloomberg was 185.5 million dirhams.

Arabtec Holding, the biggest construction company in the United Arab Emirates, posted a 35 percent decline in third-quarter profit after Dubai’s property market tumbled the most during the global recession.

bloomberg.com