Dubai's largest contractor Arabtec reported a 32 per cent drop in third-quarter net profit on Sunday, missing analysts' estimates by a wide margin as general expenses nearly doubled from a year earlier.

The builder, in which Abu Dhabi state fund Aabar Investments owns a 34.9 per cent stake, reported a profit of Dh68.7 million ($18.71 million) in the three months ending September 30, down from Dh100.8 million ($27.4 million) in the corresponding period of 2013, it said in a statement to Dubai's bourse.

Analysts at Global Investment House and Sico Bahrain had forecast Arabtec would make a quarterly profit of Dh113 million ($30.2 million) and Dh140 million ($38 million) respectively.

The quarterly revenue was Dh2.4 billion ($653 million), up from Dh1.94 billion ($528 million) a year earlier, but general and administrative expenses rose 89 per cent to Dh241.6 million ($65.5 million) over the same period.

Aabar raised its stake in Arabtec earlier this month after buying shares held by former chief executive Hassan Ismaik, who abruptly resigned in June after differences of opinion with Aabar.-Reuters