Capital Pacific Reports 91% Increase in Profit

Capital Pacific Holdings Inc., the Newport Beach-based home builder and developer, reported that net income surged 91% in the second quarter on higher revenue. The company said it earned $1.1 million, or 8 cents a share, up from $575,000, or 4 cents a share, a year earlier. The recent quarter included an extraordinary gain of $200,000 from retirement of debt. Revenue increased 20% to $76.4 million. The company attributed its gains primarily to the improved selling climate for some of its projects.