Aldar Properties reported net profits for 2008 of AED3.45bn ($940m), up 78 per cent from AED1.94bn in 2007.

However, it generated just AED84.4m of profit during the fourth quarter, down from AED759m in the third quarter of 2008 and AED528m in the fourth quarter of 2007.

According to Shuaa Capital: “The results fell dramatically short of our expectations, despite the fact that our estimate for the quarter was the lowest in the market and 58 per cent below the consensus.”

Sorouh also reported lower profits for the fourth quarter. It made a net profit of AED46m in the three-month period, down from AED760.4m in the third quarter of 2008.

It made a total profit of AED1.8bn for the year, a 42 per cent increase on the 2007 figure of AED.3bn.