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

Business

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.