UPDATE 1-Dubai Investments Q3 profit slips 56 pct

* Dubai Investments sales properties drops 81 pct

* Company's shares fall 4.72 pct in early trade

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DUBAI, Nov 1 (Reuters) - Dubai Investments Co DINV.DU reported a 56-percent decline in third-quarter net profit on Sunday, as income from its property segment suffered as a result of the economic downturn.

The conglomerate, which operates in the investment, manufacturing, dairy and real estate sectors, said it made a net profit of 280.7 million dirhams ($76.44 million) in the third quarter, down from 634.9 million dirhams in the same quarter last year.

Sales of properties, including development properties, slumped 81.5 percent to 77.7 million dirhams in the quarter.

Meanwhile gains on fair valuation of investment properties dipped 36.8 percent to 153.23 million dirhams, according to a statement on the Dubai bourse website.

The company's stock was down 4.72 percent in early trading on the Dubai index .DFMGI

Dubai Investments derives most of its revenue from the United Arab Emirates and other Gulf countries.

The UAE's property sector has suffered as a result of the global financial crisis, with companies' earnings results reflecting the the extent of the downturn.

Last week Abu Dhabi's Sorouh Real Estate SOR.AD said its third quarter net profit fell 75 percent from the previous year, while Aldar Properties ALDR.AD profit eased 43.4 percent.

(Reporting by Jason Benham; editing by Amran Abocar)