Covington Technologies Says Its Net Rose Sharply

Covington Technologies, a Fullerton real estate development firm, reported net income of $304,000 for the third quarter, more than twice the $122,000 it earned in last year’s third quarter. Its quarterly revenues rose 72% to $17.4 million from $10.1 million last year.

In the first nine months, the company posted net earnings of $2.3 million, contrasted with a $466,000 loss in the same period last year. Revenues in the period grew 89% to $57.3 million from $30.3 million.

The income figures this year include tax benefits of $144,000 in the quarter and more than $1 million in the first nine months.

Robert B. Fitzpatrick, Covington’s president, attributed the company’s performance this year to low interest rates and an increase in completed units available for sale. In the third quarter, for instance, Covington reported closings on 116 housing units and 222 lots, contrasted with closings on 97 housing units and no lot sales during the corresponding three months in 1985.