The recent frenzy of new home building, driven by relatively low mortgage and construction loan rates, helped Standard Pacific Corp. achieve record net income and sales for the second quarter and for the first six months, the company said.
The Costa Mesa-based home builder reported a 45% jump in second-quarter net income, to $6 million from $4.2 million. Revenue for the period rose 17.3%, to $77.3 million from $65.9 million.
For the first half, Standard Pacific reported a 65% increase in net income, to $11.8 million from $7.1 million. Revenues increased 14% to $125.1 million from $109.5 million.