Real Estate

Brookfield Homes Profit Drops as Revenue Rises

Brookfield Homes reported third-quarter profit was $1.6 million, or 6 cents per share, down from $27.6 million, or $1.03 per share, in the year-ago quarter.

But the Fairfax, Va.-based company said revenue was $120.8 million, compared with $175.5 million a year ago.

The homebuilder’s shares on Friday gained 75 cents, or 4.81 percent, at $16.34 on the New York Stock Exchange.

"Inventories of resale, and new homes for sale, continue to be at all time highs, despite continued new home price declines," said Ian Cockwell, president and chief executive of Brookfield, in a statement.

"Homebuyer confidence remains weak and it is expected this will continue until a balance of supply and demand is achieved in the market," Cockwell added.