May 7, 2014 / 1:26 PM / 3 years ago

Dubai's Arabtec Q1 net profit more than doubles; beats estimates

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DUBAI, May 7 (Reuters) - Dubai builder Arabtec said on Wednesday that its first-quarter net profit more doubled on the back of a strong delivery of projects and growth in its Gulf businesses.

The contractor made a net profit of 138 million dirhams ($37.57 million) in the quarter compared to 62.5 million dirhams in the corresponding period in 2013, it said in a statement.

The earnings beat estimates of analysts polled by Reuters who expected an average profit of 116.3 million dirhams. ($1 = 3.6730 UAE Dirhams) (Reporting by Praveen Menon; Editing by Olzhas Auyezov)

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