Arabtec profit beats forecasts

Dubai builder Arabtec's  third quarter net profit surged more-than-fivefold beating analysts' forecasts, while revenues dipped slightly from the same period last year.     

The largest builder in the United Arab Emirates by market value made a net profit of 39.1 million dirhams ($10.6 million) for the third quarter, it said in a statement on Dubai's bourse website on Monday.     

The firm, which has been expanding rapidly overseas to diversify its portfolio from its home market in Dubai, made a net profit of 6.8 million dirhams in the third quarter last year.     

Arabtec did not give a reason for the profit jump.     

Revenues for the three month period ending Sept. 30 were 1.1 billion dirhams, it said on Monday. This was down from 1.3 billion dirhams last year.     

Analysts in a survey earlier in October forecast an average profit of 33.6 million dirhams for the quarter.

Earlier this month, Arabtec said it won a 750 million dirham residential contract in India.      

The company is looking to eventually more-than-double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets following a real estate collapse in Dubai.

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