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Builder’s profit improves

Wednesday, Sept. 17, 2003 | 11:32 a.m.

LOS ANGELES -- KB Home, the sixth-largest U.S. home builder by stock market value and the largest in Las Vegas, Tuesday said fiscal third-quarter profit rose 17 percent as the lowest mortgage rates in a generation spurred sales.

Net income rose to $97.8 million, or $2.33 a share, from $83.9 million, or $1.95, a year earlier, the company said in a statement. Revenue advanced 12 percent to $1.44 billion.

During an investor conference call this morning, CEO Bruce Karatz said the Las Vegas market continues to be strong.

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