Leading Luxury Home Builder Sees Quarterly Losses Amid Write-downs
The largest U.S. luxury home builder, Toll Brothers Inc., reported a quarterly loss after recording heavy write-downs during its fiscal first quarter.
Earlier today Toll announced it made a first-quarter loss of $96 million, or 61 cents per share, for the quarter ended January 31, compared with a profit of $54.3 million, or 33 cents per share, in the year earlier quarter.
The company said this quarter's numbers included pretax write-downs of $245.5 million relating to land and other assets.
Total revenues for the first quarter dropped 23 percent to $842.9 million.
Published on February 27, 2008
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