Capital Pacific Revenue Jumps 13%

Residential developer Capital Pacific Holdings Inc. reported that its profit for the fourth fiscal quarter more than doubled on a 13% increase in revenue.

The Newport Beach real estate company’s net income rose to $495,000, or 3 cents a share, for the three months ended Feb. 28, and from $189,000, or 1 cent a share, for the year-earlier period. Revenue totaled $62.3 million, up from $55 million.

For the year, the company posted a net loss of $2.2 million, or 15 cents a share, which included a one-time $8-million noncash charge related to certain real estate projects. For the prior fiscal year, net income totaled $3.5 million, or 23 cents a share. Revenue declined 2% to $214.1 million from $218.7 million.

The company said the average selling price of its homes was up 21% to $233,000, from $193,000 the previous year.