Capital Pacific Holdings Sees Fiscal-Year Profit Soar

NEWPORT BEACH — Home builder Capital Pacific Holdings Inc., formerly J.M. Peters Co., said that profit for the fiscal year ended Feb. 29 surged nearly fivefold, while revenue rose 18%.

Net income before extraordinary gains rose to $2.6 million, or 17 cents a share, from $574,000, or 4 cents a share, for the previous year. The company also had a nonrecurring gain of $3.1 million in the previous year. Revenue rose to $169 million from $143.1 million.

“We’ve been improving,” said Hadi Makarechian, chairman of CPH. The company reported 1,182 home and lot sales in the last fiscal year, a 41% increase from the 840 home and lots sold in the previous year.

For the fourth quarter, the company earned $2.55 million, or 16 cents a share, up from $122,000, or 1 cent a share, a year earlier. Revenue rose to $73.9 million from $31.1 million.

The company sells homes in California, Texas, Arizona and Nevada. The company recently opened Mulholland Park, a Los Angeles neighborhood of 173 luxury homes that has reported $30 million in sales.