K&B; Home Profit Up
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Kaufman & Broad Home Corp., the state’s largest builder of single-family homes, said profits in its third quarter more than doubled from a year ago on sharply higher revenue.
Officials said the Los Angeles-based home-building firm is riding the crest of a strong housing market in California, where new-home construction is up sharply because of lower interest rates and continuing population gains.
Kaufman & Broad’s profits of $5.5 million in the quarter ended Aug. 31 compared to the $2.4 million that the firm earned in the same quarter last year.
Its revenue of $123 million in the quarter was 68% higher than the $73.5 million generated last year.
Nine-month figures were also up markedly.
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