The firm made a net profit of 213.6 dirhams ($58.17) for the three months ended Sept. 30, down from 266.19 million dirhams in the same period last year it said in a statement.

Contract revenue fell 18.6 percent to 172.99 million dirhams in the quarter while rental income dropped 15.9 percent.

Dubai Investments made a net profit of 196.3 million dirhams in the second quarter, down from 287 million dirhams a year earlier.

The firm in which the emirate’s sovereign wealth fund Investment Corporation of Dubai has a stake, derives most of its revenues from the United Arab Emirates and other Gulf Arab countries.

It competes with developer Emaar Properties and Deyaar in Dubai’s residential sector and launched its first residential project, Ritaj, in 2006.

It has investments in companies such as Glass LLC, Dubai Investments Industries (DII), Gulf Investments Park (DIP) and DI Real Estate Company (DIRC).

On Sept. 1, the company transferred 50 percent of its stake in subsidiary Syscom Emirates LLC to a third party but the dilution of its stake did not have any material impact on the company’s earnings, it said.