Home Builder Presley Shows 2nd-Quarter Profit as Sales Rise 37%

The Presley Cos., one of the largest and oldest home builders in the state, posted a second-quarter profit on a 37% gain in sales.

The company earned $367,000, or 1 cent a share. That contrasts with a net loss of $10.1 million, or 19 cents a share, for the second quarter last year, which included a charge of $9.4 million from a reduction of real estate assets to estimated net realizable value. Sales gained 37% to $82.2 million from $60.2 million. The company said new home orders for the quarter rose 23%.

For the six months, the company recorded a net loss of $2 million, or 4 cents a share, compared with a year-earlier net loss of $13.3 million, or 26 cents a share. Sales increased 12% to $143.3 million from $128.1 million.