Kaufman & Broad confirms a return to the green for 2010
Kaufman & Broad has reported Thursday a net income multiplied by almost four for its third quarter ended in late August and reconfirmed its goal to return to profit on its overall fiscal 2010.
Kaufman & Broad, a subsidiary to 88.7% of the fund PAI Partners, stated that it posted a net profit of 2.3 million euros for its third quarter against 600,000 euros a year earlier.
In the first nine months of its fiscal year, net income totaled 4.7 million euros against a loss of 26.9 million over last year.
"In this context, market conditions and comparable, Kaufman & Broad confirms the return to positive net income over the full year 2010 (…) With a much improved 2011 outlook, "said Guy Nafilyan, the CEO of Kaufman & Broad said in the statement.
The group also said to have reduced 177.1 million euros net debt compared to August 2009 and it now stands at 199.6 million euros.
At the Paris Bourse, the action Kaufman & Broad closed Thursday before the announcement of quarterly results, to 19.24 euros, up 0.73%.
The group has a market capitalization of 425 million euros.