Dubai builder Arabtec's Q3 net profit surged more than fivefold beating analyst’s forecasts while revenues dipped slightly from the same period last year.

The largest builder in the UAE by market value made a net profit of AED 39.1 million for the Q3. The firm which has been expanding rapidly overseas to diversify its portfolio from its home market in Dubai made a net profit of AED 6.8 million in the Q3 last year.

Arabtec did not give a reason for the profit jump. Revenues for the 3 month period ending September 30th 2011 were AED 1.1 billion. This was down from AED 1.3 billion last year.

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

Earlier this month, Arabtec said it won AED 750 million 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.

(Sourced from Reuters)