RAK Properties, the developer that built Ras Al Khaimah’s first manmade islands, said Sunday that third quarter profit had declined 55 percent as expenses rose.   Net income dropped to AED30.3m ($8.2m) from AED67.5m a year earlier, the firm said in a statement to the Abu Dhabi Securities Exchange. Impairment on available-for-sale investments climbed to AED15m from AED3.2m, while expenses increased to AED14.4m from AED6.5m. Profit during the first three quarters of the year declined 40 percent to AED60m.