Standard Pacific LP, a Costa Mesa home...

Standard Pacific LP, a Costa Mesa home builder, said its earnings rose to a record $75.4 million in 1988, up 72% from $43.7 million the previous year. Revenue was up 29% to $492 million, compared to $381 million a year earlier. For the fourth quarter, Standard Pacific said its earnings jumped 163% to $32.4 million from $12.3 million in the same period a year earlier. Revenue for the quarter increased to $165 million from $133 million. Spokesman April Morris attributed the company’s performance to the strength of California’s residential markets. “Our primary market is Northern California and Ventura, Orange and San Diego counties,” she said. “Each of those areas have experienced tremendous demand.” Units of Standard Pacific, a publicly traded limited partnership, rose 87.5 cents Tuesday to close at $14.50.