Kaufman & Broad confirms FY guidance of 5 pct sales rise vs 10 pct rise last yr

PARIS (Thomson Financial) - Kaufman & Broad SA chairman Guy Nafilyan confirmed last December's guidance of a 5 percent rise in full-year sales, down from last year's 10 percent increase, during a webcast interview by the weekly Le Revenu.

Besides the overall slowdown in the housing market, he said first-quarter activity was hit by municipal elections in France, which led to delays in new projects as local building permits are required.

The number of new projects launched in the first quarter slid to 19 from 45 a year earlier, with the number of housing units involved dropping to 600 from 2,000, he said.

Kaufman & Broad last confirmed its full-year sales guidance in March as it acknowledged the market had become more challenging.

[e-mail] mjs/rw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.