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.