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Company News

Toll Brothers profit falls about 22% as virus hits home prices

FILE PHOTO: A Toll Brothers housing development is shown in Carlsbad, California, U.S., May 21, 2018. REUTERS/Mike Blake

(Reuters) - U.S. luxury homebuilder Toll Brothers Inc TOL.N reported a 21.6% fall in third-quarter profit on Tuesday, as coronavirus-led lockdowns hurt home prices.

Net income fell to $114.8 million, or 90 cents per share, in the quarter ended July 31, from $146.3 million, or $1 per share, a year earlier.

Revenue fell 6.5% to $1.65 billion.

Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta

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