(Read more on the multifamily market.)
HORSHAM, PA-Toll Brothers Inc. has suffered another dismalquarter with an 85% drop in profits for the three months ended July31. Net income fell to $26.5 million, compared with $174.6 millionfor the same fiscal quarter a year ago.
The results reflected $88.5 million in write-downs, that isdownward adjustments in the value of assets, for the quarter,compared with just $14.6 million in write-downs for the samequarter of fiscal 2006. A majority of the write-downs in the mostrecent quarter were in Florida, Nevada and California, Robert Toll,CEO, said during a conference call.
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