ORANGE COUNTY EARNINGS

Presley Cos.: The Newport Beach-based home builder said it turned a profit of $8.6 million, or 17 cents a share, for the fourth quarter, compared with a loss of $7.6 million, or 15 cents a share, for the same period in 1997.

The company said a strong economy and low interest rates helped create many more home orders and sales. The company’s sales increased 37% to $131.8 million from $96.2 million.

For the year, net income was $9.9 million, or 19 cents a share, versus a net loss of $89.9 million, or $1.72 a share, in 1997. The 1998 results include a $2.7-million gain from retiring debt. The 1997 figure includes a noncash charge of $74 million as a result of losses on certain assets. Sales rose 11.5% to $368.3 million from $329.9 million.