Developer Brookfield Homes narrows 4Q loss on rising new orders, sales

Brookfield Homes reports smaller 4Q loss

FAIRFAX, Va. — Brookfield Homes Corp. said Wednesday its fourth-quarter loss narrowed from the year before as the homebuilder enjoyed increases in new orders and completed sales.

The company also reported full-year results and said it was “cautiously optimistic” heading into the spring home selling season. Brookfield sells homes and develops land in California and the Washington, D.C., area.

In the quarter that ended Dec. 31, Brookfield reported a loss of $17 million, or 81 cents per share, compared with a loss of $69 million, or $2.58 per share, in the same period the year before.

Orders for new homes rose 32 percent to 129, while completed sales increased 17 percent to 268.

But revenue fell to $145 million from $150 million, as the average home selling price dipped 9 percent to $505,000 from $557,000.

For the full year, the Fairfax, Va.-based builder posted a loss of $28 million, or $1.54 per share, compared with a loss of $116 million, or $4.33 per share, in 2008. Revenue was $376 million, down 16 percent from $449 million, as the number of completed sales and average selling price dropped in 2009.

Brookfield said its cautious optimism heading into the spring was tempered in the second half of the year by the effects of economic weakness, foreclosures and other factors.

“The company will continue in 2010 to balance the signs of improvement in its markets with the challenges the housing industry could face with increasing mortgage interest rates, high unemployment and low consumer confidence,” Brookfield said in a statement.