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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)