Kaufman & Broad Inc.’s 1988 profit dropped...

Kaufman & Broad Inc.’s 1988 profit dropped 58% from last year to $24.2 million. Revenue rose to a record $2.1 billion, up 40%. In the fourth quarter, the company posted a loss of $8.5 million, contrasted with a profit of $19.2 million a year ago. Revenue for the period increased 8% to $548.8 million. The Los Angeles-based housing, life insurance and financial services company attributed the results in part to costs incurred in its corporate restructuring and increased taxes resulting from the divestiture of certain life insurance operations.