Kaufman & Broad Profits Climb 54% in Second Quarter
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Kaufman & Broad, a home building and insurance firm based in Los Angeles, said Monday that its earnings increased 54% to $11.6 million in the second quarter, compared to the same period last year, on 10% higher revenue of $251 million.
The improved results reflect a strong home building market in California and the contribution of a just-acquired insurance subsidiary, Anchor National Life, the company said.
The company’s second quarter ended May 31.
Bruce Karatz, president of Kaufman & Broad’s home building subsidiary, said orders for new homes in the first six months of 1986 increased 60% over the same period last year. He also said the company had delivered or pre-sold 3,300 homes so far in fiscal 1986, as much as in all of fiscal 1985.
Kaufman & Broad recently announced that it is planning to spin off most of its home building operations into a separate company to be 16% owned by the public.
The parent company plans to retain ownership of the other 84%.
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