REAL ESTATE
Home builders are making a bundle, even in this year’s slower housing market, if the financial results from one publicly held home builder are an indication.
Standard Pacific L.P. reported recently that net income rose 151% for the first 3 months of the year, to $23.6 million from $9.4 million last year.
Sales rose 17%, to $102.5 million from $87.7 million.
The Costa Mesa company credited most of its leap in profits to the steep rise in prices for new homes last year. The company builds medium-priced houses in California.
And Covington Development Group Inc., Fullerton, reported first-quarter earnings of $1.7 million on sales of $26.8 million, contrasted with a loss of $1 million on sales of $7.2 million last year.
Covington credited the rebound to a cost-reduction program and also said its gross profit margins had increased to 13%, from 11% last year.
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