Home Builder J.M. Peters’ Earnings Soar 81% to $38.7 Million for Year : REAL ESTATE
Benefiting from the strong housing market in Southern California, J.M. Peters Co. said it earned $38.7 million in its last fiscal year, up 81% from $21.4 million a year ago.
Sales rose 38% to $390.8 million from $283.9 million.
In its fourth quarter--which ended Feb. 28--Peters said profit rose only slightly to $15.6 million from $15.1 million last year.
Sales fell 16% to $121.4 million from $144.9 million.
One of the region’s bigger builders, Peters said it closed sales on 1,223 homes last year, up from 1,071 in 1987.
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