Us Housing Worries Point to a Slowdown

Evening Standard - London (August 23, 2006)

Author: Mickey Clark

Linked as:

Summary

FURTHER evidence of a slowdown in the US economy emerged with results from luxury house builder Toll Brothers.

Third-quarter net income fell to $174.6 million (Pounds 92.4 million) from$215.5 million in the corresponding period last year. The company yesterday blamed a downturn in the housing market, which resulted in a dip in revenue and prompted it to reduce the number of plots it controls from 91,200 to 82,900 at the end of the second quarter. The situation is now so bad that it is considering whether to drop options relating to the purchase of further plots it no longer considers attractive.

See the full content of this document

Extract

Us Housing Worries Point to a Slowdown

Toll has also made pre-tax writedowns totalling $23.9 million, or nine cents a share, relating to plots under option mostly in California and Florida. T...

See the full content of this document