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Century Builders' Q2 Net Grows by 328%

MIAMI-The locally based builder of single-family and multifamily homes attributes the increase to a $1.6 million pre-tax gain on the sale of two partnerships.

By David R. Corder | Updated on August 15, 2001

MIAMI-Century Builders Group Inc. is reporting a 328% increase in second-quarter net income primarily because a pre-tax gain of $1.6 million on the sale of two partnerships.

The Miami-based builder of single-family and multifamily homes attributed the gain to the $3.2 million sale of unconsolidated partnerships in Dadeland Gardens and Dadeland Towers, two projects that include 150 apartments and 580 condominium units.

“Our core business is doing better than the overall economy, and we have contracts on 284 homes this quarter, up from last year,” says Sergio Pino, Century Builders’ chairman. “We sold 702 homes in the first half of 2001, and that makes us the top builder in Miami-Dade.”

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