Emaar Properties’ profits declined by 16 per cent to AED1.35bn ($370m) during the fourth quarter of 2017 in the latest sign that Dubai’s property market is cooling.

During the same period last year, the Dubai-based developer made profits of AED1.61bn.

The weaker performance during the fourth quarter did not prevent an overall rise in profits and revenues for the full year, although profit margins for the year dipped slightly to 30.32 per cent from 31.64 per cent the previous year.

Emaar recorded a full-year net operating profit of AED5.704bn ($1.553bn) during 2017, 16 per cent more than the AED4.917bn made in 2016.

Total revenue for 2017 increased by 21 per cent to AED18.812bn, which is 21 per cent more than the 2016 revenue of AED15.540bn.

In 2017, Emaar listed its UAE build-to-sell property development business, Emaar Development, by selling its 20 per cent stake through and initial public offering (IPO) and raised AED4.824bn.

Emaar Malls, earlier released figures that showed profits and revenues increased during 2017 as occupancy in its shopping centres averaged 94 per cent for the year.