Abu Dhabi's Sorouh Real Estate said its first quarter net profits had fallen by more than half compared to the same period of last year because of a decline in land sales.

The developer said it expected earnings to improve through the year as sales and rentals on projects grow after a six month slowdown in the property sector.

'The results also reflect the decision to sell less land which is currently not reflective of its intrinsic value,' the developer said in a statement.

arabianbusiness.com, The National