REAL ESTATE

Compiled by Michael Flagg, Times staff writer

Standard Pacific L.P. in Costa Mesa said it earned higher profits on reduced revenue in its latest quarter by building larger, more expensive--and more profitable--houses.

Profit rose 61% during the second quarter ending June 30, from $16.2 million to $26.1 million. Revenue dropped 12% from $124.1 million to $109.5 million.

For the first six months of the year, the limited partnership reported a 94% increase in profits, from $25.6 million to $49.7 million.

Revenue was flat during the first half: $211.9 million this year compared to $211.7 million last year.

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