Homebuilder Toll's Q3 loss widens

By IBTimes Staff Reporter | August 27 2009 7:56 AM

Luxury home builder Toll Brothers Inc reported a wider quarterly loss on Thursday, reflecting charges for writing down land values.

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Toll's third-quarter net loss rose to $472.3 million, or $2.93 per share, from a net loss of $29.3 million, or 18 cents per share, a year earlier.

The results were impacted by deferred tax asset valuation allowances of $439.4 million and writedowns totaling $115 million.

Revenue fell 42 percent to $461.4 million. Toll reported preliminary revenue figures earlier this month.

For the first time in three years the number of homes in its backlog grew compared to the prior quarter, the company said.

(Reporting by S. John Tilak in Bangalore; editing by John Stonestreet)

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