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Profit soars for Vegas builders

Wednesday, March 17, 2004 | 11:10 a.m.

KB Home, one of the country's largest home builders and the largest in Las Vegas, Tuesday said its profit jumped 40 percent in the latest quarter due to higher deliveries and orders.

The Los Angeles-based company earned $74.2 million, or $1.75 a share, in the fiscal first quarter ended Feb. 29. That compares with the year-ago quarter's net income of $52.8 million, or $1.25 a share.

And Lennar Corp. of Miami, the largest U.S. home builder by stock market value, said its fiscal first-quarter profit rose 31 percent as cheaper borrowing costs spurred more people to buy new homes.

Net income for the three months ended Feb. 29 climbed to $139.3 million, or 84 cents a share, from $106.3 million, or 68 cents, a year earlier, the company said in a statement.

In Las Vegas, Lennar owns Greystone Homes.

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