Deyaar, badly hit by Dubai's property bust, had a profit of 600,000 dirhams ($163.4) in the quarter ended Sept. 30, according to Reuters calculations based on past financial statements. That compared with a loss of 145 million dirhams in the prior-year period. 

The developer did not provide quarterly results. It said it earned a net profit of 45 million dirhams in the first nine months of the year, compared to a loss of 489 million dirhams last year, according to a statement on Dubai's bourse website. 

Revenues for the nine months to September rose 54 percent to 665 million dirhams year-on-year, it said, adding it would deliver an office tower and residential tower in Dubai this year. 

Dubai's housing market will lose another 10 percent of its value before it starts to improve, possibly not until 2013, a Reuters poll in October showed.

House prices and rents in the Gulf emirate have already plunged nearly 60 percent from their peak in 2008. 

Deyaar's shares closed 0.4 percent lower on Wednesday, in line with weakness on Dubai's bourse. It released results after market close. 

Rival Dubai developer Emaar Properties reported a 34-percent-drop in third quarter net profit last month.